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API data reportedly show a decline in U.S. crude supply

The American Petroleum Institute reported Tuesday that U.S. crude provides fell by way of 1.3 million barrels for the week ended May 18, according to resources. The API information, however, showed a rise of 980,000 barrels in gasoline stockpiles, whilst inventories of distillates declined by way of 1.3 million barrels, resources said. Supply information from the Energy Information Administration shall be released Wednesday morning. Analysts polled by way of S&P Global Platts expect the EIA to report a decline of 1.7 million barrels in crude provides. They also forecast supply declines of 620,000 barrels for gasoline and 1 million barrels for distillates. July crude CLN8, -Zero.37% which became the front-month contract on the day's agreement, used to be at $72.13 a barrel in electronic trading, down from the contract's $72.20 agreement at the New York Mercantile Exchange.