US Petroleum Institute: 1.4 million barrels drop in US crude supplies

The US Petroleum Institute said late on Tuesday that US crude oil supplies fell by 1.4 million barrels for the week ending July 12, and the results also showed a 476,000 barrel drop in gasoline stocks. In contrast, distillate inventories rose by 6.2 million barrels. Later Wednesday, the US Energy Information Administration will announce US crude inventories. It is expected to announce crude oil inventories fell by 4.2 million barrels last week, a decrease of 1.5 million barrels in gasoline and an increase of 300,000 barrels in distillate supplies.