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Crude Oil Inventories Unexpectedly Decline - Futures Remain Under Selling Pressure in After-Hours

Crude oil inventories declined 3.3 million barrels on the week ended July 29, trade group the American Petroleum Institute said, according to news reports.

Gasoline supplies added 2.6 million, and supplies of distillates added 1.4 million in the same week.

The data comes ahead of official data from the Department of Energy due Wednesday. Analysts polled by Platts estimate crude oil stocks up 2 million barrels, gasoline stocks up 350,000 barrels, and distillates stocks up 1.8 million barrels in that report.

During regular trading today, oil futures settled at their lowest level in five weeks. September futures shed $1.10 or 1.2% at $93.79 a barrel. In after-hours trading, the contract is down $1.66 or 1.8% at $93.23.

United States Oil Fund ( USO ) is near steady at 36.42 after a 2.2% day-session drop.

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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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