Oil Inventories Climbed to Three-Decade High Last Week, API Says
Oil supplies rose to the highest level in more than three decades as they climbed 4.4 million barrels to 395.1 million last week, the American Petroleum Institute said.
Crude at Cushing, Oklahoma, the delivery point for futures traded on the New York Mercantile Exchange, gained 302,000 barrels to 50.4 million.
The Energy Information Administration, the Energy Department’s statistical arm, is scheduled to release its inventory report at 11 a.m. tomorrow in Washington, a day later than usual because of the Memorial Day holiday on May 27.
The government report may show supplies of oil decreased 500,000 barrels last week, according to the median of 11 responses in a Bloomberg survey of analysts. Gasoline stockpiles dropped 500,000 barrels and distillate inventories decreased 450,000 barrels in the survey.
API collects stockpile information on a voluntary basis from operators of refineries, bulk terminals and pipelines. The government requires that reports be filed with the EIA for its weekly survey.
Crude oil for July delivery fell $2.09, or 2.2 percent, to $92.92 a barrel at 4:34 p.m. in electronic trading on the Nymex. The contract, which settled at $93.13, traded at $93.14 before the report was released at 4:30 p.m.
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