Oil inventories down 5.2 mln barrels, API says

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SAN FRANCISCO (MarketWatch) -- Crude-oil supplies declined 5.2 million barrels on the week ending Aug. 5, the American Petroleum Institute said late Tuesday. The estimate comes ahead of official data from the Energy Information Administration Wednesday. The trade group also said gasoline stockpiles declined 1 million barrels, while distillates inventories were down 600,000 barrels. Analysts polled by Platts expected oil inventories up 1.8 million barrels, gasoline stocks down 1.2 million barrels, and distillate stocks up 1.2 million barrels.

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