SINGAPORE – Oil prices hovered below $87 a barrel Wednesday in Asia after a report showed U.S. gasoline supplies fell more than expected last week while crude and distillate inventories rose. ....
Gasoline inventories dropped last week by 3.0 million barrels, the American Petroleum Institute said late Tuesday. Analysts had expected a fall of 1.0 million barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.
However, inventories of crude and distillates rose, the API said.
The Energy Department's Energy Information Administration is scheduled to announce its supply report later Wednesday.
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