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Dec. 15, 2020, 4:38 p.m. EST

API reports a nearly 2 million-barrel weekly climb in U.S. crude supplies, sources say

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By Myra P. Saefong

The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 1.97 million barrels for the week ended Dec. 11, according to sources. The data also reportedly showed gasoline stockpiles up by 828,000 barrels, while distillate inventories rose by 4.8 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged down by 165,000 barrels for the week, sources said. Inventory data from the Energy Information Administration will be released Wednesday. On average, the EIA data are expected to show crude inventories down by 1.9 million barrels last week, according to a survey of analysts conducted by S&P Global Platts, which also forecast supply increases of 2.6 million barrels for gasoline and 1.1 million barrels in distillates. January West Texas Intermediate crude was at $47.55 a barrel in electronic trading, compared with Tuesday’s settlement at $47.62 on the New York Mercantile Exchange.

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