Oil Inventories Rise Sharply- API
Date: 11/04/2012
Crude-oil supplies rose by 6.58 million barrels in the week ended April 6, the American Petroleum Institute said. The trade group also said gasoline inventories rose 1.2 million barrels, while distillates supplies declined 476,000 barrels. The report comes ahead of the more closely watched one by the Energy Information Administration, due Wednesday at 10:30 a.m. Eastern. Analysts surveyed by Platts expect crude oil stockpiles to increase 1.8 million barrels, gasoline stocks to retreat 1.25 million barrels, and distillates inventories to rise 200,000 barrels.
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