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March 23, 2021, 4:44 p.m. EDT

API reports a weekly climb of nearly 3 million barrels 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 2.9 million barrels for the week ended March 19, according to sources. The data also reportedly showed gasoline stockpiles down by 3.7 million barrels, while distillate inventories rose by 246,000 barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, were down 2.3 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 down by 1.7 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also shows expectations for inventory gains of 900,000 barrels for gasoline and 200,000 barrels for distillates. May West Texas Intermediate crude was at $57.42 barrel in electronic trading, compared with Tuesday’s settlement at $57.76 on the New York Mercantile Exchange.

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