API Data Show Hefty Drop In Weekly U.S. Crude Supplies: Sources

The American Petroleum Institute late Tuesday reported a drop of 4.2 million barrels in U.S. crude supplies for the week ended April 28, according to sources. The API data also showed a fall of 1.9 million barrels in gasoline supplies, while inventories of distillates were down 436,000 barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. Analysts polled by S&P Global Platts forecast a decrease of 2.25 million barrels in crude inventories. June crude was at $47.97 a barrel in electronic trading, up from the contract’s settlement of $47.66 on the New York Mercantile Exchange.