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Oct. 22, 2019, 4:47 p.m. EDT

API data show a more than 4 million-barrel weekly rise in U.S. crude supply: sources

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By Myra P. Saefong

The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 4.45 million barrels for the week ended Oct. 18, according to sources. The API report also reportedly showed stockpile declines of 702,000 barrels for gasoline and 3.5 million barrels for distillates. Inventory data from the Energy Information Administration will be released Wednesday. The EIA data are expected to show crude inventories up by 4.7 million barrels last week, according to analysts polled by S&P Global Platts. They also forecast supply declines of 2 million barrels for gasoline and 3 million barrels for distillates. December West Texas Intermediate crude , the new front-month contract, was at $54.22 a barrel in electronic trading, down from the contract's $54.48 settlement on the New York Mercantile Exchange.

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