API reports steep decline in weekly oil supplies

SAN FRANCISCO (MarketWatch)
The American Petroleum Institute reported late Wednesday inventories of crude oil declined 3.8 million barrels the week ended Oct. 7.
Supplies of gasoline declined 1.2 million barrels in the week, while stockpiles of distillates declined 3.1 million barrrels.
The trade group report comes ahead of a more closely watched report from the U.S. Department of Energy's Energy Information Administration.
Analysts polled by Platts expect the EIA to report a decline of 300,000 barrels, gasoline stockpiles up 100,000 barrels, and stocks of distillates down 600,000 barrels.
The EIA report is due Thursday at 11 a.m. Eastern, a day later than usual due to the Columbus Day holiday.