API data reportedly show an unexpected weekly decline in U.S. crude supplies

The American Petroleum Institute reported Tuesday that U.S. crude supplies fell by 1.1 million barrels for the week ended Feb. 2, according to sources. The API data also showed a decline of 227,000 barrels in gasoline stockpiles, while inventories of distillates saw a surprise climb of 4.6 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 2.8 million barrels for crude inventories. They also forecast a rise of 200,000 barrels for gasoline, but a decline of 800,000 barrels for distillate supplies. March crude was at $63.80 a barrel in electronic trading, up from the settlement of $63.39 on the New York Mercantile Exchange.

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