API data reportedly show a weekly decline in U.S. crude supplies, but product stocks rise

The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 747,000 barrels for the week ended Nov. 26, according to sources. The API also reportedly showed weekly inventory increases of 2.2 million barrels for gasoline and 800,000 barrels for distillates. Crude stocks at the Cushing, Okla., delivery hub, meanwhile, rose by 1 million barrels last week, sources said. Inventory data from the Energy Information Administration will be released Wednesday. On average, the EIA is expected to show crude inventories down by 2.7 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for supply increases of 900,000 barrels for gasoline and 1 million barrels for distillates. Oil prices moved up in the electronic trading session after the API data. January West Texas Intermediate crude was at $66.90 a barrel in electronic trading, after settling Tuesday at $66.18 on the New York Mercantile Exchange.