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Crude Oil Inventories Increased Last Week, API Report Shows

Crude oil inventories rose 1.75 million barrels to 350.4 million last week, the American Petroleum Institute said today. Futures pared declines in electronic trading after the report was released.

Inventories at Cushing, Oklahoma, the delivery point for futures traded on the New York Mercantile Exchange, dropped 1.39 million barrels to 33.2 million.

Gasoline stockpiles fell 5.37 million barrels to 205.8 million, the report showed.

The Energy Department is scheduled to release its inventory report tomorrow at 10:30 a.m. in Washington.

The government report may show stockpiles of crude oil fell 500,000 barrels over the period, according to the median of 16 responses in a Bloomberg News survey. Gasoline inventories probably dropped 1.18 million barrels, the survey showed.

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 Energy Department for its weekly survey.

Crude oil for September delivery fell 81 cents, or 0.9 percent, to $87.07 a barrel at 4:32 p.m. in electronic trading on the New York Mercantile Exchange. The contract, which settled at $86.65, traded at $86.91 a barrel before report was released at 4:30 p.m.

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