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API data show U.S. oil inventories down 816,000 barrels: sources

The American Petroleum Institute on Tuesday said U.S. crude-oil inventories fell 816,000 barrels last week, according to sources. Gasoline inventories were seen down 1.14 million barrels, while distillate stocks rose 673,000 barrels. Inventories at Cushing, Oklahoma, the delivery hub for Nymex oil futures, fell 413,000 barrels. The Energy Information Administration will release official weekly data Wednesday morning. Analysts surveyed by S&P Global Platts, on average, look for the EIA to show crude stocks down 600,000 barrels in the week ended Aug. 6, while gasoline stocks are expected to fall 2.4 million barrels and distillates are seen down 600,000 barrels. West Texas Intermediate crude for September delivery CLU21, +0.09% on the New York Mercantile Exchange traded at $68.50 a barrel in electronic trade, up from its earlier close at $68.29.

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