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API: More oil supplies, big decline for gasoline *PIC*

API: More oil supplies, big decline for gasoline (by Claudia Assis)

SAN FRANCISCO (MarketWatch) -- Crude-oil supplies in the U.S. rose 970,000 barrels for the week ended March 18, the American Petroleum Institute reported late Tuesday. Analysts polled by Platts had expected crude-oil inventories to have risen 2 million barrels. Gasoline stocks tumbled 7.9 million barrels, the API said, compared to analysts forecast of a fall by 2 million barrels. Supplies of distillates, which include heating oil and diesel, declined 612,000 barrels. They were seen declining by 1.5 million barrels. The Department of Energy's Energy Information Administration reports its more closely watched supplies data on Wednesday. Crude oil futures rose 1.6% on Tuesday as investors continued to worry about unrest in the Middle East and Africa.

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API: More oil supplies, big decline for gasoline *PIC*