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New York Mercantile Exchange

API Data Show Crude Supply Up Nearly 8 Mln Barrels

The American Petroleum Institute late Tuesday reported a jump of 7.6 million barrels for the week ended April 11, according to sources. That was more than three times more than expected as analysts surveyed by Platts had forecast a climb of 2.4 million barrels. Sources also said the API reported gasoline stockpiles fell nearly 500,000 barrels, while distillate supplies declined by 1.1 million barrels. Analysts were looking for gasoline stockpiles to fall 1.7 million barrels and distillate supplies to decline by 200,000 barrels. Following the data, May crude was at $103.74 a barrel in electronic trading, roughly unchanged from the $103.75 close on Nymex. The more closely watched Energy Information Administration report is due Wednesday.Copyright © 2014 MarketWatch, Inc....

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