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Dec. 10, 2019, 4:44 p.m. EST

API data show an unexpected weekly climb in U.S. crude supply, sources say

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By Myra P. Saefong

The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 1.4 million barrels for the week ended Dec. 6, according to sources. The API data also reportedly showed stockpile increases of 4.9 million barrels for gasoline and 3.2 million barrels for distillates. Inventory data from the Energy Information Administration will be released Wednesday. The EIA data are expected to show crude inventories down by 2.8 million barrels last week, according to analysts polled by S&P Global Platts. They also forecast supply increases of 3.3 million barrels for gasoline and 2 million barrels for distillates. January West Texas Intermediate crude was at $59.07 a barrel in electronic trading, down from the contract’s $59.24 settlement on the New York Mercantile Exchange.

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