API data reportedly show a 6 million-barrel weekly rise in U.S. crude supplies

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The American Petroleum Institute reported late Wednesday that U.S. crude supplies rose by about 6 million barrels for the week ended Feb. 18, according to sources. The API, which released its data a day later than usual due to Monday’s Presidents’ Day holiday, also reportedly showed a weekly inventory increase of 427,000 barrels for gasoline, while distillate stockpiles declined by 985,000 barrels. Crude stocks at the Cushing, Okla., delivery were down by 2.1 million barrels last week, sources said. Inventory data from the Energy Information Administration will be released Thursday. On average, the EIA is expected to show crude inventories down by 300,000 barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for weekly supply declines of 1.1 million barrels each for gasoline and distillates. Oil prices held their ground in the electronic trading session after the API data. April West Texas Intermediate crude CLJ22, +4.69% was at $92.12 a barrel in electronic trading, after settling Wednesday at $92.10 on the New York Mercantile.

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

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