API data reportedly show a weekly climb in U.S. crude supplies

The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 3.75 million barrels for the week ended March 11, according to sources. The API also reportedly showed a weekly inventory decline of 3.8 million barrels for gasoline, while distillate stockpiles edged up by 888,000 barrels. Crude stocks at the Cushing, Okla., delivery hub were up by 2.3 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 up by 200,000 barrels, according to analysts polled by S&P Global Commodity Insights. The survey also showed expectations for weekly supply declines of 2.6 million barrels for gasoline and 3.2 million barrels for distillates. Oil prices extended their losses in the electronic trading session after the API data. April West Texas Intermediate crude CLJ22, -7.60% was at $94.66 a barrel in electronic trading, after settling Tuesday at $96.44 on the New York Mercantile – the lowest finish for a front-month contract since the end of February.