Oil prices fall as API data reportedly show a hefty weekly rise in U.S. crude supplies
The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 7.8 million barrels for the week ended Nov. 2, according to sources. The API data, however, also showed supply declines of 1.2 million barrels for gasoline and 3.6 million barrels for distillates, sources said. Supply data from the Energy Information Administration will be released Wednesday. Analysts polled by S&P Global Platts expect the EIA to report a climb of 1.9 million barrels in crude supplies. They expect supply declines of 2.1 million barrels for gasoline, and 2.03 million barrels for distillates. December West Texas Intermediate crude was at $61.82 a barrel in electronic trading, down from the $62.21 settlement on the New York Mercantile Exchange. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.