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API data show a more than 8 million-barrel drop in U.S. crude supplies, sources say

The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 8.3 million barrels for the week ended July 10, according to sources. The API data also reportedly showed gasoline stockpiles down by 3.6 million barrels, while distillate inventories climbed by 3 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged up by 548,000 barrels for the week, sources said. Inventory data from the Energy Information Administration will be released Wednesday. The EIA data are expected to show crude inventories declined by 2.1 million barrels last week, according to analysts polled by S&P Global Platts. They also forecast supply a declines of 2 million barrels for gasoline and an increase of 1.1 million barrels for distillate inventories. August West Texas Intermediate crude undefined was at $40.51 a barrel in electronic trading. It settled Tuesday at $40.29 on the New York Mercantile Exchange.

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