Oil futures lose more ground in electronic trading after API supply data

Oil futures lost more ground in electronic trading late Wednesday, after settling with a loss of more than 2% in New York. The American Petroleum Institute reported that U.S. crude supplies rose 9.7 million barrels for the week ended Oct. 5, according to sources. The API data, which were released a day late due to Monday’s Columbus Day holiday, also showed supplies of gasoline climbed by 3.4 million barrels, while distillates fell 3.5 million barrels, sources said. Supply data from the Energy Information Administration will be released Thursday. Analysts polled by S&P Global Platts expect the EIA to report a climb of 1.61 million barrels in crude supplies. They also expect supply rise of 422,000 barrels in gasoline, but a decrease of 1.71 million barrels in distillates. November crude was at $72.67 a barrel in electronic trading, down from the $73.17 settlement on the New York Mercantile Exchange.

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