API data reportedly show a weekly rise in U.S. crude supply
The American Petroleum Institute reported Tuesday a climb of 2.8 million barrels in U.S. crude supplies for the week ended June 9, according to sources. The API data also showed a rise of 1.8 million barrels in gasoline supplies, while inventories of distillates were down 1.5 million barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. Analysts at Citi Futures expect the EIA to report a decline of between 2 million and 3 million barrels in crude inventories. July crude CLN7, -1.05% was at $45.97 a barrel in electronic trading, down from the contract’s settlement of $46.46 on the New York Mercantile Exchange.