API Oil Inventories Rise Sharply: Reports

Oil futures weakened in electronic trade Tuesday after news reports said the American Petroleum Institute reported U.S. crude-oil inventories rose by 12.2 million barrels last week. Analysts surveyed by The Wall Street Journal forecast, on average, an inventory rise of 3.4 million barrels. Nymex May crude traded at $53.25 a barrel. Earlier, the U.S. benchmark settled at $53.98 in the open-outcry session, its highest finish since Dec. 30. The U.S. Energy Information Administration's more closely watched inventory report is due Wednesday morning. (Resending to update price action.)