API posts declines in crude, distillate stocks

SAN FRANCISCO (MarketWatch)
The American Petroleum Institute reported late Wednesday that crude-oil supplies fell by 353,000 barrels for the week ended May 25
Distillate stocks also fell by 1.3 million barrels, but gasoline inventories climbed by 2.1 million barrels, the trade group said
The API data come ahead of the more closely-watched U.S. Energy Information Administration report due Thursday, a day late because of Monday's holiday
Analysts polled by Platts expect that supplies of crude oil climbed by 100,000 barrels last week
They also forecast unchanged inventories of gasoline and a rise of 150,000 barrels in distillate stocks
Ahead of the API data, July crude settled at $87.82 a barrel, down $2.94, or 3.2%, the lowest close since October