The American Petroleum Institute late Wednesday said U.S. inventories of crude oil fell by 7.98 million barrels last week, according to sources. Gasoline inventories were seen down by 2.74 million barrels, while distillate supplies rose by 1.09 million barrels. Supplies of crude at Cushing, Oklahoma, the delivery hub for New York Mercantile Exchange oil futures were up 152,000 barrels.
The Energy Information Administration will release official inventories data on Thursday morning. Analysts surveyed by S&P Global Platts expect the EIA data to show crude inventories down 6.2 million barrels; gasoline, down 1.7 million barrels; and distillates, up 1.4 million barrels. West Texas Intermediate crude for August delivery CL00, -1.33% clq traded at $72.11 a barrel in electronic activity, down from its close of $72.20 a barrel.