API Data Show U.S. Crude Supply Up 4.2 Million Barrels

The American Petroleum Institute late Tuesday reported that crude supplies rose 4.2 million barrels for the week ended April 24, according to sources. That was three times more than the 1.4 million-barrel increase forecast by analysts surveyed by Platts. Sources said the API reported that gasoline stockpiles rose 408,000 barrels, while distillate inventories also climbed 746,000 barrels. Following the data, June crude was at $56.91 a barrel in electronic trading, down from the $57.06 close on Nymex. The more closely watched Energy Information Administration report is due Wednesday.