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API Data Show Unexpected Crude Inventory Rise, Gasoline Stocks Dip - Crude Firms in After-Hours

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Crude supplies rose by 1.7 million barrels for the week ended August 12, the American Petroleum Institute trade group reported late Tuesday. Gasoline inventories dropped by 5.4 million barrels. Distillate inventories fell 1.3 million barrels.

The API's figures come ahead of Wednesday's more closely-watched Energy Information Administration report. Analysts polled by Platts expect a decrease of 500,000 barrels for crude supplies, a fall of 2.3 million barrels for gasoline and an increase of 700,000 barrels for distillates.

September crude oil futures are down $0.68 or 0.8% at $87.22 a barrel in after-hours trading. Crude closed regular trading below $87 a barrel.

United States Oil Fund ( USO ) is up 0.3% at 33.92.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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