Crude supplies down 7.2 million, API says

SAN FRANCISCO (MarketWatch)
Crude-oil inventories fell by 7.2 million barrels in the week ended Aug. 31, the American Petroleum Institute said late Wednesday
The trade group also reported that stockpiles of gasoline declined by 2.3 million, while distillates inventories declined by 132,000 barrels
The decreases were expected in the wake of Hurricane Isaac, which hit the Gulf Coast, the heart of the U.S. refinery and oil-production area, earlier last week
The API report was a day late due to the Labor Day holiday
A report by the Energy Information Administration is due Thursday, also a day later due to the holiday
Analysts polled by Platts expect a decline by 5 million barrels for crude
Gasoline stockpiles are seen down 3.5 million barrels, and distillates are expected to decline 1.5 million barrels.