API data reveal a more than 4 million-barrel rise in weekly U.S. crude supplies, sources say

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The American Petroleum Institute reported late Tuesday that U.S. crude supplies climbed by nearly 4.6 million barrels for the week ended Oct. 23, according to sources. The data also reportedly showed gasoline stockpiles up by almost 2.3 million barrels, while distillate inventories were down by 5.3 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged up by 136,000 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 up by 200,000 barrels last week, according to analysts polled by S&P Global Platts. They also forecast supply declines of 700,000 barrels for gasoline and 2.5 million barrels in distillates. December West Texas Intermediate crude was at $39.08 a barrel in electronic trading, down from Tuesday’s settlement at $39.57 on the New York Mercantile Exchange.
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