API data reportedly show a weekly decline in U.S. crude supplies

The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 4.5 million barrels for the week ended April 15, according to sources. The API also reportedly showed a weekly inventory climb of 2.9 million barrels for gasoline, while distillate stockpiles declined by nearly 1.7 million barrels. Oil stocks at the Cushing, Okla., delivery hub were up by 93,000 barrels last week, sources said. Inventory data from the Energy Information Administration will be released Wednesday. Marshall Steeves, energy markets analyst at S&P Global Commodity Insights, said the EIA is expected to show crude inventories up by 2.2 million barrels for the week, along with supply declines of 1.2 million barrels for gasoline and 1 million barrels for distillates. Oil prices little changed in the electronic trading session after the API data. May West Texas Intermediate crude was at $102.51 a barrel in electronic trading, after settling Tuesday at $102.56 on the New York Mercantile.

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