API data show weekly U.S. crude supplies up by more than 8 million barrels, sources say

API data show weekly U.S. crude supplies up by more than 8 million barrels, sources say

The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 8.4 million barrels for the week ended June 5, according to sources. The API data also reportedly showed gasoline stockpiles fell by 2.9 million barrels, while distillate inventories climbed by 4.3 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, fell by 2.3 million barrels for the week, sources said. Inventory data from the Energy Information Administration will be released Wednesday. The EIA data are expected to show crude inventories declined by 3.2 million barrels last week, according to analysts polled by S&P Global Platts. They also forecast supply increases of 300,000 barrels for gasoline and 1.5 million barrels for distillates. July West Texas Intermediate crude was at $38.48 a barrel in electronic trading. It was down from its settlement at $38.94 Tuesday on the New York Mercantile Exchange.

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