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API Reports Sharp Rise in Crude Supplies

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The American Petroleum Institute reported tonight crude oil supplies increased by 9.6 million barrels for the week ended Dec. 23, according to a MarketWatch report. Gasoline inventories were up 1.9 million barrels and distillate inventories gained 554,000 barrels, according the report. Analysts were expecting declines in each of the categories. The more closely watched Energy Information Administration figures are due out Thursday morning.

The United States Oil Fund ETF ( USO ) is down fractionally tonight at 38.29 while the United States Natural Gas Fund ( UNG ) is off 0.1% to 6.78.

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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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