Oil Prices Fall As API Data Show U.S. Crude Supplies Up More Than 14 Million Barrels Last Week: Sources

By Myra P. Saefong Markets MarketWatch Pulse

The American Petroleum Institute late Tuesday reported a much bigger-than-expected increase of 14.2 million barrels in U.S. crude supplies for the week ended Feb. 3, according to sources. Analysts polled by S&P Global Platts forecast a climb of 2.5 million barrels. The API data also showed a rise of 2.9 million barrels in gasoline supplies and a climb of 1.4 million barrels in distillates, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. March crude was at $51.69 a barrel in electronic trading, down from the contract’s settlement of $52.17 on the New York Mercantile Exchange.

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