The American Petroleum Institute reported Tuesday that U.S. crude supplies dropped by 5.1 million barrels for the week ended Oct. 27, according to sources. The API data also showed a decline of 7.7 million barrels in gasoline stockpiles, while inventories of distillates lost 3.1 million barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. Analysts polled by S&P Global Platts expect the EIA to report a fall of 1.4 million barrels in crude inventories, along with declines of 1.7 million barrels for gasoline and 2.5 million barrels for distillate supplies. December crude was at $54.68 a barrel in electronic trading, up from the settlement of $54.38 on the New York Mercantile Exchange.
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