API data reportedly show weekly increases for U.S. crude, gasoline and distillate supplies

The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 4.8 million barrels for the week ended July 8, according to sources. The API data also reportedly showed weekly inventory increases of 2.9 million barrels for gasoline and 3.3 million barrels for distillates. Oil stocks at the Cushing, Okla., delivery hub were up by 298,000 barrels last week, sources said. Inventory data from the Energy Information Administration will be released on Wednesday. On average, analysts polled by S&P Global Commodity Insights said the EIA is expected to show weekly crude inventories up by 1.4 million barrel, along with a supply decline of 200,000 barrels for gasoline and an increase of 900,000 barrels for distillates. In electronic trading Tuesday, August West Texas Intermediate crude was at $95.73 a barrel, after settling at $95.84 on the New York Mercantile Exchange.

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