Crude Inventory Drops - per API

[dan_s]

Crude inventories in the U.S. fell 1.3 million barrels at the end of last week, the American Petroleum Institute (API) said Tuesday, a surprise drop with analysts expecting a build in supplies.

On Wednesday official data from the U.S. Energy Information Administration (EIA) will be released. Last week, figures by the two groups diverged with API showing a crude draw and EIA a build.

For the past week, API also reported gasoline stocks dropped 3.7 million barrels and distillates declined by 1.6 million barrels. Supplies at the storage hub of Cushing Oklahoma rose by 360,000 barrels, API said.

Analysts expected a 316,000 barrels build in crude supplies, and a drop in gasoline stocks of 1.761 million barrels and a decline in distillate supplies of 896,000 barrels.