The American Petroleum Institute reported Tuesday that U.S. crude supplies dropped by 11.2 million barrels for the week ended Jan. 5, according to sources. The API data showed a rise of 4.3 million barrels in gasoline stockpiles, while inventories of distillates climbed by 4.7 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 decline of 3.5 million barrels for crude inventories. They also forecast a rise of 2.3 million barrels for gasoline and an increase of 2.1 million barrels for distillate supplies. February crude was at $63.26 a barrel in electronic trading, up from the settlement of $62.96 on the New York Mercantile Exchange.
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