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Dec. 7, 2021, 4:52 p.m. EST

API data reportedly show a weekly fall of more than 3 million barrels 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 fell by 3.1 million barrels for the week ended Dec. 3, according to sources. The API also reportedly showed weekly inventory increases of 3.7 million barrels for gasoline and 1.2 million barrels for distillates. Crude stocks at the Cushing, Okla., delivery hub, meanwhile, climbed by 2.4 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 1.2 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for supply increases of 1.4 million barrels for gasoline and 900,000 barrels for distillates. Oil prices held the bulk of the day's gains in the electronic trading session after the API data. January West Texas Intermediate crude was at $71.71 a barrel in electronic trading, after settling Tuesday at $72.05 on the New York Mercantile Exchange.

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