Oil supplies up 4.6 million barrels, API says *PIC*

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Oil supplies up 4.6 million barrels, API says (by Claudia Assis)

SAN FRANCISCO (MarketWatch) -- Crude-oil inventories rose 4.6 million barrels on the week ended March 2, the American Petroleum Institute said late Tuesday. The trade group also reported gasoline stockpiles declined 2.3 million, and distillates inventories rose 924,000 barrels. The API report comes ahead of official word from the Energy Information Administratio due Wednesday at 10:30 a.m. Eastern. Analysts polled by Platts expect the EIA to show crude oil stockpiles up 2 million barrels, gasoline stocks down 1.75 million barrels, and distillates supplies down 1.5 million barrels. An increase in supplies is sure to keep pressure on oil futures, which ended Tuesday off 1.9% at $104.70 a barrel, their lowest in two weeks.

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