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Nov. 13, 2019, 4:49 p.m. EST

API data show unexpected weekly decline in U.S. crude supply: sources

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By Myra P. Saefong

The American Petroleum Institute reported late Wednesday that U.S. crude supplies fell by 541,000 barrels for the week ended Nov. 8, according to sources. The API data, which were released a day later than usual because of Monday's Veterans Day holiday, also reportedly showed stockpile increases of 2.3 million barrels for gasoline and 887,000 barrels for distillates. Inventory data from the Energy Information Administration will be released Thursday. The EIA data are expected to show crude inventories up by 1 million barrels last week, according to analysts polled by S&P Global Platts. They also forecast supply declines of 1.7 million barrels for gasoline and 1.6 million barrels for distillates. December West Texas Intermediate crude was at $57.45 a barrel in electronic trading, up from the contract's $57.12 settlement on the New York Mercantile Exchange.

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