Crude-oil inventories rose 5.5 million barrels in the week ended Aug. 24, the American Petroleum Institute said late Tuesday. The trade group also reported stockpiles of gasoline declined 2.4 million barrels, and inventories of distillates rose 1.4 million.
The API report comes a day ahead of the Energy Information Administration's data.
Analysts polled by Platts expect crude oil inventories to decline 2 million barrels.
The analysts also forecast gasoline stockpiles to decline 2 million barrels and distillate inventories to be unchanged. Oil for October delivery on Tuesday rose 0.9% to settle at $96.33 a barrel on the New York Mercantile Exchange, buoyed by concerns about Hurricane Isaac's impact on crude output in the Gulf of Mexico.
The API report comes a day ahead of the Energy Information Administration's data.
Analysts polled by Platts expect crude oil inventories to decline 2 million barrels.
The analysts also forecast gasoline stockpiles to decline 2 million barrels and distillate inventories to be unchanged. Oil for October delivery on Tuesday rose 0.9% to settle at $96.33 a barrel on the New York Mercantile Exchange, buoyed by concerns about Hurricane Isaac's impact on crude output in the Gulf of Mexico.
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