MTECHTIPS;-Oil Prices Slide As Focus Shifts To EIA Supply Data

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MTECHTIPS;-Oil Prices Slide As Focus Shifts To EIA Supply Data

MTECHTIPS-Crude prices pushed lower on Wednesday, as investors looked ahead to fresh weekly data on U.S. commercial crude inventories to gauge the strength of demand in the world’s largest oil consumer and how fast output levels will continue to rise. The U.S. Energy Information Administration will release its official weekly oil supplies report for the week ended March 30 at 10:30 AM ET (1430 GMT), amid expectations for a gain of 1.4 million barrels. After markets closed Tuesday, the American Petroleum Institute said that U.S. oil inventories fell by 3.3 million barrels last week, as refineries boosted output. However, the API report also showed a 1.1 million barrel rise in gasoline stocks, while distillate stocks, which include motor diesel and heating oil, fell by about 2.2 million barrels. There are often sharp divergences between the API estimates and the official figures from EIA 

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