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API reports larger-than-expected oil supply rise

API reports larger-than-expected oil supply rise (by Claudia Assis)

SAN FRANCISCO (MarketWatch) -- The American Petroleum Institute said late Tuesday crude-oil inventories rose 3.8 million barrels in the week ended March 4. That runs counter to analyst expectations of a rise by 600,000 barrels for the week ended March 4, according to Dow Jones Newswires. Gasoline stocks fell 3.7 million barrels, the Washington-based trade group said. The analysts had seen supplies falling 1.5 million barrels. Stocks of distillates fell 1.5 million, whereas they were expected to fall 1.2 million barrels. The Department of Energy is scheduled to report its more closely watched supplies data Wednesday at 10:30 a.m. Eastern.

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API reports larger-than-expected oil supply rise