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Oil futures fall as sources say API data show a weekly rise in U.S. crude supplies

The American Petroleum Institute reported late Tuesday that U.S. crude supplies inched up by 620,000 barrels for the week ended May 14, according to sources. The data, however, also reportedly showed gasoline stockpiles down by 2.8 million barrels, while distillate inventories fell 2.6 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged up by just 53,000 barrels for the week, sources said. Inventory data from the Energy Information Administration will be released Wednesday. On average, the EIA is expected to show crude inventories down by 2.9 million barrels, according to a survey of analysts conducted by S&P Global Platts. It also forecast a supply climb 600,000 barrels for gasoline, but a 200,000-barrel decline for distillates. June West Texas Intermediate crude
CLM21,
-1.48%

was at $65.30 barrel in electronic trading, compared with Tuesday’s settlement at $65.49 on the New York Mercantile Exchange.

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