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Oil Inventories Down By More-Than-Expected 3 Mln Barrels

Crude oil inventories declined 3 million barrels in the week ended June 10, the American Petroleum Institute said late Tuesday, according to news reports. Gasoline stockpiles rose 1.1 million barrels, the trade group said. Supplies of distillates declined 426,000 barrels.

The U.S. Department of Energy's Energy Information Administration will report weekly inventories Wednesday at 10:30 a.m. ET. Analysts polled by Platts expect the EIA to show crude oil stocks down 1.9 million barrels, gasoline stocks up 1.3 million barrels, and distillates stocks up 1.1 million barrels.

July crude is up $2.15, or 2%, at $99.47 a barrel in electronic futures trading.

United States Oil Fund (USO) is up 0.3% at 39.21.

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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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