Oil Slips As Sources Say API Data Show a Weekly Rise In U.S. Crude Supplies

Oil prices slipped in electronic trading Tuesday after the American Petroleum Institute reported a climb of 882,000 barrels in U.S. crude supplies for the week ended May 12, according to sources. The API data showed a fall of 1.8 million barrels in gasoline supplies, but inventories of distillates were up 1.8 million barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. Analysts polled by S&P Global Platts forecast a decrease of 2.2 million barrels in crude inventories. June crude was at $48.22 a barrel in electronic trading, down from the contract’s settlement of $48.66 on the New York Mercantile Exchange.