API data show crude supply up less than expected

MarketWatch.com - MarketPulse SAN FRANCISCO (MarketWatch) -- The American Petroleum Institute late Tuesday reported a climb of 822,000 barrels in crude supplies for the week ended Feb. 21, according to data from sources. The increase was less than expected, as analysts surveyed by Platts had forecast a climb of 1.5 million barrels in crude supplies. Sources also said the API reported gasoline stockpiles edged down by 314,000 barrels, while distillate supplies fell 693,000 barrels. Analysts were looking for gasoline supplies to decline 1.5 million barrels and distillate inventories to fall by 2 million barrels. Following the data, April crude was at $102.06 a barrel in electronic trading, up from the $101.83 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.