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API data reportedly show a more than 2 million-barrel weekly fall in U.S. crude supplies

Economy, Finance

The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 2.5 million barrels for the week ended Nov. 5, according to several sources. The API also showed inventory declines of 4.5 million barrels for gasoline and 3.3 million barrels for distillate stockpiles, two sources told MarketWatch. Crude stocks at the Cushing, Okla., storage hub, meanwhile, rose by 234,000 barrels for the week, sources said. Inventory data from the Energy Information Administration will be released Wednesday. On average, the EIA is expected to show crude inventories up by 1 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for a supply decline of 1.6 million barrels for gasoline, while distillate stockpiles are expected to show no change for the week. Oil prices moved up in the electronic trading session after the API data. December West Texas Intermediate crude was at $84.61 a barrel in electronic trading, after settling Tuesday at $84.15 on the New York Mercantile Exchange.

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