API data reportedly show a 3.8 million-barrel climb in U.S. crude supplies

0
20

The American Petroleum Institute reported late Wednesday that U.S. crude supplies rose by 3.8 million barrels for the week ended July 1, according to sources. The API data, which came a day later than usual due to Monday’s Independence Day holiday, also reportedly showed weekly inventory declines of 1.8 million barrels for gasoline and 635,000 barrels for distillates. Oil stocks at the Cushing, Okla., delivery hub were up by 459,000 barrels last week, sources said. Inventory data from the Energy Information Administration will be released on Thursday. On average, analysts polled by S&P Global Commodity Insights said the EIA is expected to show weekly crude inventories down by 1.2 million barrel, along with a supply decline of 500,000 barrels for gasoline and an increase of 1 million barrels for distillates. In electronic trading Wednesday, August West Texas Intermediate crude CLQ22, -1.38% was at $98.06 a barrel, after settling at $98.53 on the New York Mercantile Exchange.

This article was originally published by Marketwatch.com. Read the original article here.

Previous articleThe Tell: Oil selloff overshoots, says Goldman, as U.S. crude extends dive below $100 a barrel
Next articleU.S. stocks finish slightly higher after Fed minutes

LEAVE A REPLY

Please enter your comment!
Please enter your name here