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TFC Commodity Trading Forum

Oil inventories rise 3.4 million barrels, says API *PIC*

Oil inventories rise 3.4 million barrels, says API (by Claudia Assis)

SAN FRANCISCO (MarketWatch) -- Crude-oil inventories rose 3.4 million barrels in the week ended Nov. 25, the American Petroleum Institute said late Tuesday. The trade group also said gasoline stocks declined 173,000 barrels, while supplies of distillates rose 1.4 million barrels. The report comes ahead of official word on weekly inventories from the Energy Information Administration on Wednesday. Analysts polled by Platts expect oil inventories to rise 1.5 million, and gasoline supplies also to raise by 1.5 million. Supplies of distillates are seen decreasing 1.5 million barrels.