API data reportedly show weekly U.S. crude supplies down by 3 million barrels

The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 3 million barrels for the week ended March 25, according to sources. The API also reportedly showed weekly inventory declines of nearly 1.4 million barrels for gasoline and 215,000 barrels for distillates. Crude stocks at the Cushing, Okla., delivery hub were down by 1.1 million barrels last week, sources said. Inventory data from the Energy Information Administration will be released Wednesday. On average, the EIA is expected to show crude inventories down by 1.7 million barrels for the week, according to analysts polled by S&P Global Commodity Insights. The survey also showed expectations for weekly supply declines of 1.9 million barrels for gasoline and 1.5 million barrels for distillates. Oil prices move up in the electronic trading session after the API data. May West Texas Intermediate crude was at $105.28 a barrel in electronic trading, after settling Tuesday at $104.24 on the New York Mercantile.

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