API Data Show Crude Supply Up Less Than Expected

The American Petroleum Institute late Tuesday said crude supplies rose 2.9 million barrels for the week ended Feb. 27, according to sources. Analysts surveyed by Platts forecast a crude-supply climb of 3.7 million barrels. Sources said the API reported gasoline stockpiles climbed by 530,000 barrels, while distillate supplies fell 296,000 barrels. Analysts were looking for gasoline stockpiles to decline by 1.7 million barrels and distillate supplies to fall by 2.2 million barrels. Following the data, April crude was at $50.59 a barrel in electronic trading, up a bit from the $50.52 close on Nymex. The more closely watched Energy Information Administration report is due Wednesday.