Oil prices fall as API data reportedly show a surprise weekly climb in U.S. crude supply
The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 8.6 million barrels for the week ended May 10, according to sources. The API also reportedly showed a stockpile increases of 567,000 barrels in gasoline and 2.2 million barrels in distillates. Price Futures Group expected the API data to show a decline of 3 million barrels in crude supplies, according to analyst Daniel Flynn. It had also forecast stockpiles decreases of 2 million barrels each for gasoline and distillates. Inventory data from the Energy Information Administration will be released Wednesday. June West Texas Intermediate crude was at $61.36 a barrel in electronic trading, down from the $61.78 settlement on the New York Mercantile Exchange.
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