The American Petroleum Institute late Tuesday reported an increase in crude supplies of 2.6 million barrels for the week ended April 10, according to sources. Analysts surveyed by Platts forecast a crude-supply rise of 3.5 million barrels. Sources said the API reported that gasoline stockpiles fell by 4.1 million barrels, while distillate inventories edged down by 566,000 barrels. Following the data, May crude was at $53.70 a barrel in electronic trading, up from the $53.29 close on Nymex. The more closely watched Energy Information Administration report is due Wednesday.
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