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Crude-oil supplies down 1.08 mln barrels: API *PIC*

Crude-oil supplies down 1.08 mln barrels: API (by Claudia Assis)

SAN FRANCISCO (MarketWatch) -- Crude-oil inventories dropped 1.08 million barrels in the week ended Feb. 25, the American Petroleum Institute reported late Tuesday. The trade group also reported gasoline stockpiles declined 4.90 million barrels, and inventories of distillates down 1.44 million barrels. Analysts polled by Platts had expected crude stocks to be up 1.6 million barrels, and gasoline stocks to increase 900,000 barrels. Distillates supplies were seen down 1.8 million barrels. The API report comes ahead of the more closely watched data from the Department of Energy due Wednesday.

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Crude-oil supplies down 1.08 mln barrels: API *PIC*