API Data Show U.S. Crude Supplies Rose By 3.8 Million Barrels: Sources

By Myra P. SaefongMarketWatch Pulse

The American Petroleum Institute late Tuesday reported that crude supplies climbed by 3.8 million barrels for the week ended Jan. 29, according to sources who reviewed the report. The more closely watched Energy Information Administration report is due Wednesday. Citi Futures expects an increase in crude supplies of between 5 million and 6 million barrels. Following the API data, March crude was at $29.70 a barrel in electronic trading, down from the $29.88 settlement on Nymex.

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