Oil Stockpiles Fell and Gasoline Increased Last Week, API Says

Oil supplies fell 550,000 barrels to 385.1 million last week, the American Petroleum Institute said.

Distillate fuel inventories declined 269,000 barrels to 120.8 million, the API’s weekly report showed. Gasoline stockpiles rose 1.07 million to 204.9 million.

Crude at Cushing, Oklahoma, the delivery point for futures traded on the New York Mercantile Exchange, rose 625,000 barrels to 48.1 million.

The Energy Department is scheduled to release its inventory report at 10:30 a.m. tomorrow in Washington.

The government report may show supplies of oil decreased 1.3 million barrels last week, according to the median of 11 responses in a Bloomberg survey of analysts. Gasoline inventories gained 1 million barrels in the survey, and distillate stockpiles also advanced by 1 million.

API collects stockpile information on a voluntary basis from operators of refineries, bulk terminals and pipelines. The government requires that reports be filed with the Energy Department for its weekly survey.

Crude oil for July delivery rose 88 cents, or 1.1 percent, to $84.15 a barrel at 4:31 p.m. in electronic trading on the New York Mercantile Exchange. The contract, which settled at $84.03, traded at $84.17 before the report was released at 4:30 p.m.

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