Oil prices edge up; API data reportedly show an unexpected decline in U.S. crude supply

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The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 3.1 million barrels for the week ended April 12, according to sources. The API also reportedly showed a stockpile decline of 3.6 million barrels for gasoline, but distillate stockpiles climbed by 1.3 million barrels. Inventory data from the Energy Information Administration will be released Wednesday. The EIA data are expected to show crude supplies rose by 1.8 million barrels last week, according to a survey of analysts conducted by S&P Global Platts. It also forecast inventory declines of 2.5 million barrels for gasoline and 1.6 million barrels for distillates. May West Texas Intermediate crude was at $64.33 a barrel in electronic trading, up from the $64.05 settlement on the New York Mercantile Exchange.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.