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

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.