API data reportedly show a climb in U.S. crude supply

The American Petroleum Institute reported Wednesday that U.S. crude supplies rose by 1 million barrels for the week ended May 25, according to sources. The API data also showed a fall of 1.7 million barrels in gasoline stockpiles, while inventories of distillates climbed by 1.5 million barrels, sources said. The data were released a day later than usual because of Monday's holiday. Supply data from the Energy Information Administration will be released Thursday morning. Analysts polled by S&P Global Platts expect the EIA to report a fall of 600,000 barrels in crude supplies. They also forecast supply declines of 1.5 million barrels for gasoline and nearly 1.1 million barrels for distillates. July crude was at $68.23 a barrel in electronic trading, little changed from the contract's $68.21 settlement on the New York Mercantile Exchange.