Oil Prices Down As API Data Show U.S. Crude Supplies Up 9.9 Million Barrels Last Week: Sources

The American Petroleum Institute late Tuesday reported a larger-than-expected climb of 9.9 million barrels in U.S. crude supplies for the week ended Feb. 10, according to sources. Analysts polled by S&P Global Platts forecast a rise of 3.25 million barrels. The API data also showed a climb of 717,000 barrels in gasoline supplies and an increase of 1.5 million barrels in distillates, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. March crude was at $52.95 a barrel in electronic trading, down from the contract’s settlement of $53.20 on the New York Mercantile Exchange.