The American Petroleum Institute late Wednesday reported that crude supplies climbed by 4.6 million barrels for the week ended Jan. 15, according to sources who reviewed the report. The more closely watched Energy Information Administration report is due Thursday. Data were delayed this week due to Monday's holiday. On average, analysts polled by Platts show expectations for a crude supply increase of 2.9 million barrels. Following the API data, March crude was at $28.31 a barrel in electronic trading, down from the $28.35 settlement on Nymex.
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