The American Petroleum Institute reported late Wednesday that U.S. crude supplies fell by 2.9 million barrels for the week ended Sept. 3, according to sources. The API, which released its data a day later than usual due to Monday’s Labor Day holiday, also reportedly showed an inventory decline of 6.4 million barrels for gasoline, while distillate stockpiles fell by about 3.7 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged up by 1.8 million barrels for the week, sources said. Inventory data from the Energy Information Administration will be released Thursday. On average, the EIA is expected to show crude inventories down by 7.4 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for supply declines of 2.4 million barrels for gasoline, and 2 million barrels for distillates. October West Texas Intermediate crude CLV21, -1.88% was at $69.40 barrel in electronic trading, after settling Wednesday at $69.30 on the New York Mercantile Exchange.
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