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July 20, 2021, 4:42 p.m. EDT

API data reportedly show an unexpected weekly rise 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 climbed by 806,000 barrels for the week ended July 16, according to sources. The API report also reportedly showed a climb of 3.3 million barrels for gasoline stockpiles, but distillate inventories fell by 1.2 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, declined by 3.6 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 declined by 6.7 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for supply decreases of 1.1 million barrels for gasoline and 600,000 barrels for distillates. September West Texas Intermediate crude was at $66.84 barrel in electronic trading, after settling Tuesday at $67.20 on the New York Mercantile Exchange.

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