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Crude Inventory Data Reveal Bigger-Than-Expected Supply Drop This Week - Futures Firm in After-Hours

The American Petroleum Institute said late Wednesday inventories of crude oil declined 2.97 million barrels in the week ended Sept. 2, according to news reports.

The trade group reports gasoline inventories down 871,000 barrels, and supplies of distillates up 3.95 million barrels.

The Department of Energy's Energy Information Administration official data is due for release Thursday, a day late because of the Labor Day holiday. Analysts polled by Platts expect crude oil stocks to decline 1.7 million barrels, and gasoline stockpiles down 900,000 barrels. Distillates stocks are seen up 600,000 barrels.

In after-hours electronic trading, crude futures are up higher at $89.62 a barrel. During today's regular trading session, crude for October delivery finished up 3.9% to $89.34 a barrel. That's the highest in some five weeks.

United States Oil Fund ( USO ) is up 0.3% at 34.80 in after-hours trading.

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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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