Oil Takes a Dive After API Supply Data

Oil futures dropped in electronic trading late Wednesday after the American Petroleum Institute reported that crude supplies jumped 14.3 million barrels for the week ended Feb. 13, according to sources. A Platts survey of analysts forecast a climb of only 3.1 million barrels. Sources also said the API reported gasoline stockpiles rose 1.3 million barrels while distillate supplies fell 2.7 million barrels. Following the data, March crude was at $50.65 a barrel in electronic trading, down from the $53.53 settlement on Nymex. The more closely watched Energy Information Administration report is due Thursday.