Futures lost as much as 1 percent in New York, after falling 2.4 percent in the previous two sessions. Gasoline supplies rose by 4.91 million barrels last week, the American Petroleum Institute was said to report. That will be the biggest gain since January if replicated in government data Wednesday. Libya is gradually resuming output at its biggest oil field, people familiar with the matter said. Nationwide crude stockpiles fell by 4.08 million barrels last week, the API said Tuesday, according to people familiar with the data. Crude stockpiles at Cushing, Oklahoma, climbed by 2.08 million barrels. An Energy Information Administration report Wednesday is forecast to show supplies slid by 500,000 barrels, according to the median estimate in a Bloomberg survey. Click Read More below for more of the story.

American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index decreased 1.5% in June after falling 1% in May. In June, the index equaled 111.6 (2015=100) compared with 113.3 in May. “Tonnage has definitely flattened out, on average, over the last six to nine months,” said ATA Chief Economist Bob Costello. “The good news is that it remains slightly above 2020 levels. “Supply chain issues are likely putting some downward pressure on tonnage,” he said. “But it is also likely that tonnage isn’t growing as much as it could because of industry-specific supply constraints. This index is dominated by contract freight, and the for-hire truckload carriers have seen their tractor counts fall because they are having difficulty finding qualified drivers. It is difficult to move more tonnage with less equipment, which is why we are seeing strong volumes in the spot market as shippers scramble to get loads moved.”

American Dollar to Canadian Dollar = 0.720605; American Dollar to Chinese Yuan = 0.138754; American Dollar to Euro = 1.083126; American Dollar to Japanese Yen = 0.006708; American Dollar to Mexican Peso = 0.052741.