API Data Show U.S. Oil Supplies Up 7.1 Million Barrels: Sources

The American Petroleum Institute late Tuesday reported that crude supplies rose by 7.1 million barrels for the week ended Feb. 19, according to sources who reviewed the report. Analysts polled by Platts forecast a climb of 3 million barrels. April crude traded at $31.28 a barrel in electronic trading, down from the contract’s settlement of $31.87 on the New York Mercantile Exchange. The closely-watched Energy Information Administration report is due Wednesday.