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API reports a weekly climb of less than 1 million barrels in U.S. crude supplies, sources say

Economy, Finance

The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 436,000 barrels for the week ended April 16, according to sources. The data also reportedly showed gasoline stockpiles fell by 1.6 million barrels, while distillate inventories edged up by 655,000 barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, were down by 1.3 million 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 down by 4.4 million barrels, according to survey of analysts conducted by S&P Global Platts. It also forecast an inventory climb of 800,000 barrels for gasoline and supply decrease of 1.3 million barrels for distillates. June West Texas Intermediate crude was at $62.35 barrel in electronic trading, compared with Tuesday’s settlement for the new front-month contract at $62.67 on the New York Mercantile Exchange.

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