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

The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 6.1 million barrels for the week ended Feb. 25, according to sources. The API also reportedly showed a weekly inventory decline of 2.5 million barrels for gasoline, while distillate stockpiles edged up by 400,000 barrels. Crude stocks at the Cushing, Okla., delivery hub were down by 1 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 2.3 million barrels, according to analysts surveyed by Platts of S&P Global Commodity Insights. The survey also showed expectations for weekly supply declines of 1.8 million barrels for gasoline and 2 million barrels for distillates. Oil prices extended their gain in the electronic trading session after the API data. April West Texas Intermediate crude CLJ22, +7.34% was at $106.38 a barrel in electronic trading, after settling Tuesday at $103.41 on the New York Mercantile — the highest finish for a front-month contract, with prices buoyed by Russia-Ukraine crisis supply risks.