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March 30, 2021, 4:43 p.m. EDT

API reports a weekly rise of nearly 4 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 3.9 million barrels for the week ended March 26, according to sources. The data also reportedly showed gasoline stockpiles down by 6 million barrels, while distillate inventories rose by 2.6 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, were up 904,000 barrels for the week, sources said. Inventory data from the Energy Information Administration will be released Wednesday. The EIA is expected to show crude inventories up by 600,000 barrels, according to IHS Markit. It also forecast inventory gains of 400,000 barrels for gasoline and 300,000 barrels for distillates. May West Texas Intermediate crude was at $60.47 barrel in electronic trading, compared with Tuesday’s settlement at $60.55 on the New York Mercantile Exchange.

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