API Data Show U.S. Crude Supplies Fell 5 Million Barrels Last Week: Sources

The American Petroleum Institute late Wednesday reported a drop of 5 million barrels in U.S. crude supplies for the week ended Jan. 13, according to sources. Analysts polled by S&P Global Platts forecast a decline of 900,000 barrels. The API data also showed a jump of 9.8 million barrels in gasoline supplies and a rise of 1.2 million barrels in distillates, sources said. Supply data from the Energy Information Administration will be released Thursday morning, a day later than usual because of the Martin Luther King Jr. holiday. February crude was at $51.38 a barrel in electronic trading, up fromthe contract’s settlement of $51.08 on the New York Mercantile Exchange.