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Oct. 5, 2021, 5:01 p.m. EDT

API data reportedly show a nearly 1 million-barrel weekly climb in U.S. crude supplies

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By Myra P. Saefong

The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 951,000 barrels for the week ended Oct. 1, according to sources. The API also reportedly showed inventory increases of 3.7 million barrels for gasoline and 345,000 barrels for distillates. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged up by about 2 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 up by 200,000 barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for supply declines of 700,000 barrels for gasoline and 1.7 million-barrel decline for distillates. November West Texas Intermediate crude was at $79.13 a barrel in electronic trading, after settling Tuesday at a nearly seven-year high of $78.93 on the New York Mercantile Exchange.

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