Trade group reports weekly crude supplies down

SAN FRANCISCO (MarketWatch)
Crude-oil inventories dropped by 695,000 barrels on the week ended July 6, a trade group reported late Tuesday
The American Petroleum Institute also said gasoline stockpiles rose 2.5 million barrels, and supplies of distillates declined 717,000 barrels
The API report comes a day ahead of official word from the Energy Information Administration, due 10:30 a.m. Eastern
Analysts polled by Platts expect crude stockpiles down 1.5 million barrels, gasoline supplies up 600,000 barrels, and distillates inventories up 1 million barrels