API shows surprise weekly decline for oil supplies (by Claudia Assis)
SAN FRANCISCO (MarketWatch) -- Crude-oil inventories declined 2.8 million barrels, the American Petroleum Institute said late Tuesday. Analysts polled by Platts had expected the data to show crude-oil inventories up by 1.3 million barrels for the week ended April 1. The trade group also reported gasoline stocks up 568,000 barrels; that compared to analyst expectations of a decline by 2.1 million barrels. Stocks of distillates, which include heating oil and diesel, declined 1 million barrels, the API said. Analysts had expected to rise by 600,000 barrels.