API Data Show 8.8 Million-barrel Weekly Jump In U.S. Oil Supplies: Sources

The American Petroleum Institute late Tuesday reported that crude supplies jumped nearly 8.8 million barrels for the week ended March 18, according to sources who reviewed the report. The closely watched Energy Information Administration report will be released Wednesday. Analysts polled by Platts forecast a climb of 2.7 million barrels for crude inventories. May crude traded at $41.24 a barrel in electronic trading, down from the contract’s settlement of $41.45 on the New York Mercantile Exchange.