Oil prices edge up as sources say API data show a 5 million-barrel fall in U.S. crude stocks

The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 5 million barrels for the week ended June 28, according to sources. The API also reportedly showed stockpile declines of 387,000 barrels for gasoline and 1.7 million barrels for distillates. Inventory data from the Energy Information Administration will be released Wednesday. The EIA data are expected to show crude inventories fell by 3.7 million barrels last week, according to a survey of analysts conducted by S&P Global Platts. The survey also forecast declines of 2.4 million barrels for gasoline and 1.4 million barrels for distillates. August West Texas Intermediate crude was at $56.32 a barrel in electronic trading, up from the contract’s $56.25 settlement on the New York Mercantile Exchange.

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