The American Petroleum Institute
late Tuesday reported an unexpected drop in crude supplies, according
to data from sources. The API said crude inventories fell by 5.8 million
barrels for the week ended March 28. Analysts surveyed by Platts had
forecast a climb of 1.8 million barrels. "The oil spill in the Gulf Coast
took its toll on crude inventories," said Phil Flynn, senior market
analyst at Price Futures Group. "Tankers sitting in line in the channel
do not get counted." Sources also said the API reported gasoline
stockpiles surprisingly rose 18,000 barrels, while distillate supplies
declined by 17,000 barrels. Analysts were looking for gasoline
stockpiles to fall 2 million barrels and distillate supplies to decline
by 900,000 barrels. Following the data, May crude
CLK4
-0.04%
was at $99.73 a barrel in electronic trading.
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