The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 2.8 million barrels for the week ended March 4, according to sources. The API also reportedly showed weekly inventory declines of nearly 2 million barrels for gasoline and 5.5 million barrels for distillates. Crude stocks at the Cushing, Okla., delivery hub were down by 367,000 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 700,000 barrels, according to analysts polled by S&P Global Commodity Insights. The survey also showed expectations for weekly supply declines of 2.2 million barrels for gasoline and 1.8 million barrels for distillates. Oil prices extended their gains in the electronic trading session after the API data. April West Texas Intermediate crude was at $124.53 a barrel in electronic trading, after settling Tuesday at $123.70 on the New York Mercantile – the highest finish for a front-month contract since August 2008 after the U.S. announced a ban on oil from Russia.
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