Oil futures headed lower in electronic trading Tuesday after the American Petroleum Institute reported that U.S. crude supplies fell by roughly 800,000 barrels for the week ended July 22, according to sources. Analysts polled by S&P Global Platts forecast a decline of 2.6 million barrels for crude inventories. Sources also said the API data showed supplies at the oil-storage hub at Cushing, Okla. rose by a more than expected 1.4 million barrels. The closely watched Energy Information Administration report will be released Wednesday. September crude was at $42.65 a barrel in electronic trading, down from the contract’s settlement of $42.92 on the New York Mercantile Exchange.
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