Oil supply edges up, but gasoline stocks fall: API (by Myra P. Saefong)
SAN FRANCISCO (MarketWatch) -- Crude-oil supplies rose by 148,000 barrels for the week ended Nov. 4, the American Petroleum Institute reported late Tuesday, while gasoline inventories fell by 1.5 million barrels. Distillate inventories fell 2.9 million barrels, the trade group said. Following the data, December crude (cl1z) rose 22 cents in electronic trading after ending at $96.80 a barrel, up 1.3% on the New York Mercantile Exchange. Prices were trading around 14 cents higher before the API data. The API's figures come ahead of Wednesday's more closely watched Energy Information Administration report. Prestige Economics forecasts an increase of 1 million barrels in crude inventories last week, along with a rise of 1.5 million in gasoline stocks and a decline of 2.5 million barrels for distillate supplies, which include heating oil.