API data reportedly show a larger-than-expected U.S. crude supply climb
The American Petroleum Institute reported Tuesday that U.S. crude supplies rose by 3.4 million barrels for the week ended April 27, according to sources. The API data also showed a climb of 1.6 million barrels in gasoline stockpiles, while inventories of distillates fell by 4.1 million barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. Analysts polled by S&P Global Platts expect the EIA to report a climb of 1.8 million barrels in crude supplies. They also forecast supply declines of 1 million barrels for gasoline and 1.3 million barrels for distillates. June crude was at $67.49 a barrel in electronic trading, up from the $67.25 settlement on the New York Mercantile Exchange.
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