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API posts declines in crude-oil, gasoline supplies

API posts declines in crude-oil, gasoline supplies ( CL1X ) (by Myra P. Saefong)

SAN FRANCISCO (MarketWatch) - Crude-oil supplies fell by 3.1 million barrels for the week ended Oct. 14, the American Petroleum Institute reported late Tuesday, while gasoline inventories declined by 1.6 million barrels. Distillate inventories fell 2.2 million barrels, the trade group said. Following the data, November crude (cl1x) slipped 12 cents in electronic trading after ending at $88.34 a barrel, up 2.3% for the day. Prices were trading around 6 cents higher before the API data. The API's figures come ahead of Wednesday's more closely-watched Energy Information Administration report. Analysts polled by Platts expect an increase of 1.75 million barrels for crude supplies, a fall of 1.25 million barrels for gasoline and a decline of 1.1 million barrels for distillates.