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March 16, 2021, 4:53 p.m. EDT

API reports a weekly decline of 1 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 fell by 1 million barrels for the week ended March 12, according to sources. The data also reportedly showed gasoline stockpiles down by 926,000 barrels, while distillate inventories climbed by 904,000 barrels. Inventory data from the Energy Information Administration will be released Wednesday. On average, the EIA is expected to show crude inventories up by 400,000 barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also shows expectations for inventory declines of 1.4 million barrels for gasoline and 900,000 barrels for distillates. April West Texas Intermediate crude was at $64.92 barrel in electronic trading, compared with Tuesday’s settlement at $64.80 on the New York Mercantile Exchange.

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