API Data Show U.S. Crude Supply Up 5.5 Mln Barrels

The American Petroleum Institute late Tuesday reported that crude supplies climbed 5.5 million barrels for the week ended April 17, according to sources. That was more than double the 2.6 million-barrel increase forecast by analysts surveyed by Platts. Sources said the API reported that gasoline stockpiles rose 1.1 million barrels, while distillate inventories climbed 1.7 million barrels. Following the data, June crude was at $56.36 a barrel in electronic trading, down from the $56.61 close on Nymex. The more closely watched Energy Information Administration report is due Wednesday.