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May 4, 2021, 4:45 p.m. EDT

Oil futures rise as sources say API data show weekly U.S. crude supplies down 7.7 million barrels

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By Myra P. Saefong

The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 7.7 million barrels for the week ended April 30, according to sources. The data also reportedly showed gasoline stockpiles down by 5.3 million barrels, while distillate inventories declined by nearly 3.5 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged up by 548,000 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 3.9 million barrels, according to a survey of analysts conducted by S&P Global Platts. It also forecast supply declines of 500,000 barrels for gasoline and 1.6 million barrels for distillates. June West Texas Intermediate crude was at $66.14 barrel in electronic trading, compared with Tuesday’s settlement at $65.69 on the New York Mercantile Exchange.

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