The American Petroleum Institute reported Tuesday that U.S. crude supplies rose by 933,000 barrels for the week ended Feb. 23, according to sources. The API data also showed a climb of 1.9 million barrels in gasoline stockpiles, while inventories of distillates saw a decline of 1.4 million barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. Analysts polled by S&P Global Platts expect the EIA to report a climb of 2.1 million barrels for crude inventories. They also forecast declines of 200,000 barrels each for gasoline and distillate supplies. April crude was at $62.81 a barrel in electronic trading, down from the settlement of $63.01 on the New York Mercantile Exchange.
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