API data reportedly show a weekly U.S. crude supply decline of more than 2 million barrels

The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 2.1 million barrels for the week ended June 4, according to sources. The API report reportedly also showed gasoline stockpiles up by 2.4 million barrels, while distillate inventories climbed by nearly 3.8 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged down by 420,000 barrels for the week, sources said. Inventory data from the Energy Information Administration will be released Wednesday. On average, the EIA is expected to show crude inventories down by 4.1 million barrels, according to a survey of analysts conducted by S&P Global Platts. It also forecast supply increases of 1 million barrels for gasoline and 400,000 barrels for distillates. July West Texas Intermediate crude was at $70.06 barrel in electronic trading, after settling Tuesday at $70.05 on the New York Mercantile Exchange.

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