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

The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 1.9 million barrels for the week ended July 15, according to sources. The API data also reportedly showed a weekly inventory climb of 1.3 million barrels for gasoline and a supply decline of nearly 2.2 million barrels for distillates. Oil stocks at the Cushing, Okla., delivery hub were up by 523,000 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 down by 200,000 barrels, along with supply increases of 400,000 barrels for gasoline and 800,000 barrels for distillates. In electronic trading Tuesday, August West Texas Intermediate crude CLQ22, -0.59% was at $103.77 a barrel, after settling at $104.22 on the New York Mercantile Exchange. The contract expires at the end of Wednesday’s trading session.