API sees larger-than-expected fall in oil supplies *PIC*

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API sees larger-than-expected fall in oil supplies (by Claudia Assis)

SAN FRANCISCO (MarketWatch) -- Crude-oil inventories declined 2.7 million barrels in the week ended June 24, the American Petroleum Institute said late Tuesday. The trade group said gasoline supplies decreased 91,000 barrels, while stockpiles of distillates, which include diesel and heating oil, declined 945,000 barrels. The API report comes ahead of the more closely watched report from the Department of Energy's Energy Information Administration, due Wednesday at 10:30 a.m. Eastern. Analysts polled by Platts expect the report to show crude-oil stocks down 1.7 million barrels, gasoline stocks up 700,000 barrels, and distillates stocks up 1.8 million barrels.

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