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Oil Inventories Rose, Distillates Declined Last Week, API Says

Oil supplies rose 521,000 barrels last week to 341.9 million, the American Petroleum Institute said.

Distillate fuel inventories fell 3.31 million barrels to 140.1 million, the API’s weekly report showed. Gasoline stockpiles dropped 916,000 barrels to 230.7 million.

Crude at Cushing, Oklahoma, the delivery point for futures traded on the New York Mercantile Exchange, rose 1.64 million barrels to 33.8 million.

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

The government report may show supplies of oil rose 1.1 million barrels last week, according to the median of 12 responses in a Bloomberg News survey of analysts. Gasoline inventories probably fell 425,000 barrels, the survey showed. Distillates were expected to slip by 750,000 barrels.

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 April delivery fell $2.08, or 1.9 percent, to $106.48 at 4:33 p.m. in electronic trading on the New York Mercantile Exchange. The contract, which settled at $106.55, traded at $106.47 before the report was released at 4:30 p.m.

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