Oil falls as sources say API data show U.S. crude supplies up 942,000 barrels
Oil futures edged lower in electronic trading Tuesday after the American Petroleum Institute reported a 942,000-barrel rise in U.S. crude supplies for the week ended August 26, according to sources. Analysts polled by S&P Global Platts forecast a weekly increase of 600,000 barrels. The API also reported that distillate supplies rose by 3 million barrels, sources said. Analysts expected them to be unchanged, according to the S&P Global Platts survey. The closely watched Energy Information Administration report will be released Wednesday. October crude was at $46.27 a barrel in electronic trading, down from the contract’s settlement of $46.35 on the New York Mercantile Exchange.
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