The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 736,000 barrels for the week ended June 10, according to sources.
The API also reportedly showed a weekly inventory decline of nearly 2.2 million barrels for gasoline, while distillate stockpiles climbed by 234,000 barrels. Oil stocks at the Cushing, Okla., delivery hub were down by 1.1 million barrels last week, sources said. Inventory data from the Energy Information Administration will be released Wednesday. On average, analysts polled by S&P Global Commodity Insights said the EIA is expected to show crude inventories down by 1.1 million barrels for the week, along with a supply climb of 100,000 barrels for gasoline and fall of 300,000 barrels for distillates. Oil prices edged lower in the electronic trading session after the API data. July West Texas Intermediate crude CLN22, 0.24% was at $118.74 a barrel in electronic trading, after settling Tuesday at $118.93 on the New York Mercantile.