The American Petroleum Institute late Tuesday reported that crude supplies rose 1.6 million barrels for the week ended Feb. 6, according to sources. Analysts surveyed by Platts forecast a climb of 3.4 million barrels. Sources said the API reported gasoline stockpiles also rose by 1.6 million barrels, while distillate supplies rose 500,000 barrels. Analysts were looking for gasoline stockpiles to fall by 250,000 barrels and distillate supplies to fall by 1.3 million barrels. Following the data, March crude was at $51.02 a barrel in electronic trading, up from the $50.02 close on Nymex. The more closely watched Energy Information Administration report is due Wednesday.
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