API Data Show 2.4 Million-barrel Rise In U.S. Crude Supply: Sources

By Myra P. SaefongMarketsMarketWatch Pulse

Oil futures fell in electronic trading Wednesday after the American Petroleum Institute reported that U.S. crude supplies rose by 2.4 million barrels for the week ended May 27, according to sources who reviewed the report. Analysts polled by S&P Global Platts forecast a decline of 3.1 million barrels for crude inventories. The closely watched Energy Information Administration report will be released Thursday. July crude was at $48.91 a barrel in electronic trading, down from the contract’s settlement of $49.01 on the New York Mercantile Exchange.

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