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API data reportedly show a weekly drop of more than 6 million barrels in U.S. crude supplies

Economy, Finance

The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 6.4 million barrels for the week ended Dec. 31, according to sources. The API also reportedly showed weekly inventory increases of 7.1 million barrels for gasoline and 4.3 million barrel for distillates. Crude stocks at the Cushing, Okla., delivery hub rose by 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 4.4 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for weekly supply increases of 1.9 million barrels each for the gasoline and distillate categories. Oil prices edged up in the electronic trading session after the API data. February West Texas Intermediate crude was at $77.09 a barrel in electronic trading, after settling Tuesday at $76.99 on the New York Mercantile Exchange.

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