API Data Show Weekly Rise Of 2.9 Million Barrels In U.S. Crude Supplies: Sources

By Myra P. SaefongMarketsMarketWatch Pulse

The American Petroleum Institute late Tuesday reported an increase of 2.9 million barrels in U.S. crude supplies for the week ended Jan. 20, according to sources. Analysts polled by S&P Global Platts forecast a climb of 1.9 million barrels. The API data also showed a rise of roughly 4.9 million barrels in gasoline supplies and a climb of 2 million barrels in distillates, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. March crude was at $52.91 a barrel in electronic trading, down from thecontract’s settlement of $53.18 on the New York Mercantile Exchange.

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