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API data reportedly show a weekly decline in U.S. crude supplies

Economy, Finance

The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 815,000 barrels for the week ended Dec. 10, according to sources. The API also reportedly showed a weekly inventory climb of 426,000 barrels for gasoline and a fall of 1 million barrels for distillate stockpiles. Crude stocks at the Cushing, Okla., delivery hub rose by nearly 2.3 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 1.7 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for a weekly supply increase of 200,000 barrels for gasoline, but distillate stocks are forecast to reveal a decline of 400,000 barrels. Oil prices extended losses in the electronic trading session after the API data. January West Texas Intermediate crude was at $70.47 a barrel in electronic trading, after settling Tuesday at $70.73 on the New York Mercantile Exchange.

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