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

The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 2 million barrels for the week ended Feb. 4, according to sources. The API also reportedly showed weekly inventory declines of 1.1 million barrels for gasoline and 2.2 million barrels for distillates. Crude stocks at the Cushing, Okla., delivery hub edged down by 2.5 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 rose by 100,000 barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for a weekly supply rise of 1.4 million barrels for gasoline and an inventory decrease of 600,000 barrels for distillates. Oil prices inched higher in the electronic trading session after the API data. March West Texas Intermediate crude CLH22, -1.69% was at $89.91 a barrel in electronic trading, after settling Tuesday at $89.36 on the New York Mercantile.