API data show crude supply up less than expected

MarketWatch.com - MarketPulse SAN FRANCISCO (MarketWatch) -- The American Petroleum Institute late Tuesday reported a smaller-than-expected climb of 384,000 barrels in crude supplies for the week ended Jan. 31, according to data from sources. Analysts surveyed by Platts had forecast a climb of 1.5 million barrels in crude supplies. Sources also said the API reported gasoline stockpiles fell 1.2 million barrels, while distillate supplies fell 1.5 million barrels. Analysts were looking for gasoline supplies to rise by 1.5 million barrels and distillate inventories to fall by 2 million barrels. Following the data, March crude was at $97.58 a barrel in electronic trading, up from the $97.19 close on Nymex. The more closely watched Energy Information Administration report is due Wednesday.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.