The American Petroleum Institute late Tuesday reported an increase of 5.8 million barrels in U.S. crude supplies for the week ended Jan. 27, according to sources. Analysts polled by S&P Global Platts forecast a climb of 2.2 million barrels. The API data also showed a rise of roughly 2.9 million barrels in gasoline supplies and a climb of 2.3 million barrels in distillates, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. March crude was at $52.84 a barrel in electronic trading, nearly unchanged from the contract’s settlement of $52.81 on the New York Mercantile Exchange.
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