API data reportedly show weekly U.S. supplies down for crude, up for gasoline

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The American Petroleum Institute reported late Tuesday that U.S. crude supplies declined by 872,000 barrels for the week ended Jan. 21, according to sources. The API also reportedly showed a weekly inventory climb of 2.4 million barrels for gasoline, while distillate supplies fell by 2.2 million barrels. Crude stocks at the Cushing, Okla., delivery hub edged down by 1 million barrels last week, sources said. Inventory data from the Energy Information Administration will be released Wednesday. On average, the EIA is expected to show crude inventories down by 2.1 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for a weekly supply increase of 2.2 million barrels for gasoline and an inventory decline of 1.6 million barrels for distillates. Oil prices moved slightly lower in the electronic trading session after the API data. March West Texas Intermediate crude CLH22, -0.48% was at $85.20 a barrel in electronic trading, after settling Tuesday at $85.60 on the New York Mercantile.

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

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