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 1.1 million barrels for the week ended April 1, according to sources. The API also reportedly showed a weekly inventory decline of 543,000 barrels for gasoline, but distillate stockpiles rose by 593,000 barrels. Cushing, Okla., delivery hub were up by 1.8 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 down by more than 1.85 million barrels for the week, according to analysts polled by S&P Global Commodity Insights. The survey also showed expectations for weekly supply declines of 350,000 barrels for gasoline and 700,000 barrels for distillates. Oil prices fell in the electronic trading session after the API data. May West Texas Intermediate crude CLK22, -1.16% was at $100.72 a barrel in electronic trading, after settling Tuesday at $101.96 on the New York Mercantile.