API Data Show U.S. Crude Supplies Up 2.5 Million Barrels Last Week: Sources

The American Petroleum Institute late Tuesday reported a climb of 2.5 million barrels in U.S. crude supplies for the week ended Feb. 24, according to sources. Analysts polled by S&P Global Platts forecast a rise of 2.1 million barrels for the week. The API data also showed a rise of 1.8 million barrels in gasoline supplies and a decline of 3.7 million barrels in distillates, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. April crude was at $53.90 a barrel in electronic trading, down from the contract’s settlement of $54.01 on the New York Mercantile Exchange.