API reports a more than 4 million-barrel weekly 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 4.2 million barrels for the week ended Nov. 13, according to sources. The data also reportedly showed gasoline stockpiles up by 256,000 barrels, while distillate inventories declined by 5 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged up by 176,000 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 100,000 barrels last week, according to analysts polled by S&P Global Platts. They also forecast a supply climb of 300,000 barrels for gasoline and decline of 1.8 million barrels in distillates. December West Texas Intermediate crude was at $41.26 a barrel in electronic trading, down from Tuesday’s settlement at $41.43 on the New York Mercantile Exchange.
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