API data reveal a weekly climb of 6 million barrels in U.S. crude supply, sources say
The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 6 million barrels for the week ended Feb. 7, according to sources. The API data also reportedly showed a stockpile climb of 1.1 million barrels for gasoline, while distillate stocks fell by 2.3 million barrels. Inventory data from the Energy Information Administration will be released Wednesday. The EIA data are expected to show crude inventories rose by 2.3 million barrels last week, according to analysts polled by S&P Global Platts. They also forecast a supply climb of 700,000 barrels for gasoline, while distillate inventories were expected to decline by 900,000 barrels. March West Texas Intermediate crude was at $49.98 a barrel in electronic trading, little changed from its settlement Tuesday at $49.94 Tuesday on the New York Mercantile Exchange.
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