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API Data Show Crude Supplies Decline - Crude ETF Firms in After-Hours

Crude inventories dropped 1.08 million barrels in the week ended Feb. 25, the American Petroleum Institute reports late Tuesday. Gasoline stockpiles declined 4.90 million barrels, and inventories of distillates down 1.44 million barrels. Analysts polled by Platts had expected crude stocks to be up 1.6 million barrels, and gasoline stocks to increase 900,000 barrels. Distillates supplies were seen down 1.8 million barrels.

Department of Energy data are due for release Wednesday.

Crude oil for April delivery finished regular trading Tuesday up $2.66, or 2.7%, at $99.63 a barrel. In other energy futures, heating oil was down 0.17% to $2.92 a gallon while natural gas was up 0.9% to $4.04 per million British thermal units.

United States Oil Fund ETF ( USO ) is up 0.5% at 40.67, ranging between 39.75 and 40.70 so far in after-hours trading.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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