API reports a more than 4 million-barrel weekly climb in U.S. crude supplies, sources say
The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 4.15 million barrels for the week ended Nov. 27, according to sources. The data also reportedly showed gasoline stockpiles up by 3.4 million barrels, while distillate inventories climbed by 334,000 barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged down by 132,000 barrels for the week, sources said. Inventory data from the Energy Information Administration will be released Wednesday. The EIA data are expected to show crude inventories down by 1.7 million barrels last week, according to IHS Markit, which also forecast supply increases of 2 million barrels for gasoline and 100,000 barrels in distillates. January West Texas Intermediate crude was at $44.28 a barrel in electronic trading, down from Tuesday's settlement at $44.55 (http://www.marketwatch.com/story/oil-edges-lower-as-opec-delays-meeting-in-bid-to-build-consensus-on-output-cuts-11606828179) on the New York Mercantile Exchange.
-Myra P. Saefong; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
December 01, 2020 16:44 ET (21:44 GMT)
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