The American Petroleum Institute reported late Wednesday that U.S. crude supplies rose by 3.8 million barrels for the week ended July 1, according to sources. The API data, which came a day later than usual due to Monday’s Independence Day holiday, also reportedly showed weekly inventory declines of 1.8 million barrels for gasoline and 635,000 barrels for distillates. Oil stocks at the Cushing, Okla., delivery hub were up by 459,000 barrels last week, sources said. Inventory data from the Energy Information Administration will be released on Thursday. On average, analysts polled by S&P Global Commodity Insights said the EIA is expected to show weekly crude inventories down by 1.2 million barrel, along with a supply decline of 500,000 barrels for gasoline and an increase of 1 million barrels for distillates. In electronic trading Wednesday, August West Texas Intermediate crude was at $98.06 a barrel, after settling at $98.53 on the New York Mercantile Exchange.
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