U.S. crude stockpiles rose 3.2M barrels last week, API says
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The American Petroleum Institute reportedly shows a build of 3.26M barrels of oil for the week ending March 17.
Gasoline inventories reportedly show a draw of 1.09M barrels, distillate inventories show a draw of 1.83M barrels, and stockpiles at the Cushing, Oklahoma, storage hub show a draw of 757K barrels.
The U.S. Energy Information Administration will release its weekly petroleum supply data on Wednesday, with analysts forecasting the report will show a 1.5M-barrel draw in domestic crude supplies, a 1.4M-barrel draw for gasoline and a 1.3M-barrel draw in distillates, according to a survey by The Wall Street Journal.
April WTI crude oil (CL1:COM) recently traded at $69.47/bbl after settling Tuesday at $69.67/bbl on the New York Mercantile Exchange.
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