Oil supplies up by 2.04 million barrels, API says *PIC*

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Oil supplies up by 2.04 million barrels, API says (by Claudia Assis)

SAN FRANCISCO (MarketWatch) -- Crude-oil inventories rose 2.04 million barrels on the week ended April 27, a trade group said late Tuesday. The American Petroleum Institute also reported that gasoline stockpiles declined 3.9 million barrels, and inventories of distillates were down 4.2 million barrels on the week. The API report comes ahead of the more closely watched official data from the Department of Energy, due on Wednesday. Analysts polled by Platts expect crude inventories to rise 2.5 million barrels, gasoline stockpiles down 1 million barrels, and inventories of distillates down 400,000 barrels. Oil rallied Tuesday, with the June contract (clm2) settling at a five-week high of $106.16 a barrel after positive U.S. manufacturing data.

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