API Reports Weekly Crude Supply Increase Above Expectations

U.S. crude-oil inventories rose by 3.2 million barrels in the week ended Oct. 24, the American Petroleum Institute reported late Tuesday, according to reports. The trade group said gasoline supplies declined by 3.7 million barrels, and stockpiles of distillates fell by 3 million barrels. The API report comes a day ahead of the more closely watched report from the Energy Information Administration. Analysts polled by Platts expect the EIA an increase for crude supplies of 2.8 million barrels in the week.