The American Petroleum Institute
late Tuesday reported a jump in crude supplies that was more than
double what the market expected, according to data from sources. The API
said crude inventories rose 6.3 million barrels for the week ended
March 21. Analysts surveyed by Platts had forecast a climb of 2.6
million barrels. Sources also said the API reported gasoline stockpiles
fell 2.8 million barrels, while distillate supplies edged up by 267,000
barrels. Analysts were looking for gasoline stockpiles to decline by 1.8
million barrels and distillate supplies to fall by 1 million barrels.
Following the data, May crude
CLK4
+0.19%
was at $99.17 a barrel in electronic trading, little changed from the $99.19 close on Nymex. The more closely watched Energy Information Administration report is due Wednesday.
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