Oil pulls back as sources say API data show fall in U.S. crude, rise in gasoline stockpiles
Oil futures fell in electronic trading Tuesday after the American Petroleum Institute reported a bigger-than-expected 1 million-barrel decline in U.S. crude supplies, but also revealed an unexpected climb of 2.2 million barrels in gasoline stockpiles for the week ended Aug. 12, according to sources. Analysts polled by S&P Global Platts forecast a drawdown of 200,000 barrels for crude and a fall of 1.8 million barrels for gasoline inventories. The closely watched Energy Information Administration report will be released Wednesday. September crude was at $46.48 a barrel in electronic trading, down from the contract’s settlement of $46.58 on the New York Mercantile Exchange.
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