Oil prices edge lower as API data reportedly show U.S. crude supply climb
The American Petroleum Institute reported late Wednesday that U.S. crude supplies rose by 401,000 barrels for the week ended Aug. 30, according to sources. The API data, which were released a day later than usual because of Monday's U.S. Labor Day holiday, also reportedly showed a stockpile decline of 877,000 barrels in gasoline, while distillate supplies fell by 1.2 million barrels. Inventory data from the Energy Information Administration will be released Thursday. The EIA data are expected to show crude inventories down by 3 million barrels last week, according to a survey of analysts polled by S&P Global Platts. Gasoline supplies are forecast to fall by 1.9 million barrels, while distillate stockpiles are seen lower by 120,000 barrels. October West Texas Intermediate crude was at $56.06 a barrel in electronic trading, down from the contract's $56.26 settlement on the New York Mercantile Exchange.
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