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Nov. 2, 2021, 4:44 p.m. EDT

Oil prices extend losses as API data reportedly show a weekly climb 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 rose by 3.6 million barrels for the week ended Oct. 29, according to sources. The API also reportedly showed an inventory decline of 552,000 barrels for gasoline, but distillate stockpiles edged up by 573,000 barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, fell by 882,000 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 up by 300,000 barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for supply declines of 900,000 barrels for gasoline and 1.5 million barrels for distillates. Oil prices extended losses into the electronic trading session after the API data. December West Texas Intermediate crude was at $83.27 a barrel in electronic trading, after settling Tuesday at $83.91 on the New York Mercantile Exchange.

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