API data reveal an unexpected climb in U.S. crude supplies, sources say

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The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 951,000 barrels for the week ended Oct. 2, according to sources. The API data also reportedly showed gasoline stockpiles down by 867,000 barrels, while distillate inventories fell by 1.03 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged up by 749,000 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 2 million barrels last week, according to analysts polled by S&P Global Platts. They also forecast supply declines of 800,000 barrels for gasoline and 2.9 million barrels in distillates. November West Texas Intermediate crude was at $39.83 a barrel in electronic trading, down from Tuesday’s settlement at $40.67 on the New York Mercantile Exchange. Prices were already falling in electronic trading after President Donald Trump tweeted that he told his team to stop negotiating with congressional Democrats on a stimulus package until after the election.
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