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API data show U.S. crude-oil inventories down 3.7 million barrels last week: sources

The American Petroleum Institute, a trade group, reported Tuesday that U.S. crude-oil inventories fell 3.67 million barrels last week, according to sources, while gasoline supplies rose by 3.7 million barrels and distillate stocks fell by 849,000 barrels. Crude supplies in Cushing, Okla., the New York Mercantile Exchange delivery hub, were seen up 1.3 million barrels. The Energy Information Administration will release official inventories data Wednesday morning. Analysts surveyed by S&P Global Platts, on average, look for crude inventories to show a fall of 3.9 million barrels, while gasoline stocks are expected to rise 600,000 barrels and distillate supplies are forecast to rise 1.6 million barrels. West Texas Intermediate crude for February delivery traded at $71.35 a barrel in electronic trade after settling Tuesday at $71.12.

-William Watts


(END) Dow Jones Newswires

12-21-21 1649ET

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