API data reportedly show a more than 6 million-barrel weekly rise in U.S. crude supplies
The American Petroleum Institute reported late Wednesday that U.S. crude supplies rose by about 6.6 million barrels for the week ended Jan. 18, according to sources. The API, which released its data a day later than usual because of Monday’s Martin Luther King, Jr. holiday, also reportedly showed that gasoline stockpiles climbed by 3.6 million barrels, while distillate inventories added 2.6 million barrels. Inventory data from the Energy Information Administration will be released Thursday. On average, analysts surveyed by S&P Global Platts expect the EIA to report a fall of 600,000 barrels in crude supplies. The survey also forecast supply increases of 2.9 million barrels for gasoline and 900,000 barrels for distillates. March West Texas Intermediate crude CLH9, -1.09% was at $52.34 a barrel in electronic trading, down from the $52.62 settlement on the New York Mercantile Exchange.
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