The American Petroleum Institute late Tuesday reported a whopping climb of 11.6 million barrels in U.S. crude supplies for the week ended March 3, according to sources. Analysts polled by S&P Global Platts forecast a rise of 1.6 million barrels for the week. The API data also showed a drop of 5 million barrels in gasoline supplies and a decline of 2.9 million barrels in distillates, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. April crude was at $52.79 a barrel in electronic trading, down from the contract's settlement of $53.14 on the New York Mercantile Exchange.
Continue Reading Below
Copyright © 2017 MarketWatch, Inc.