API data show crude supply up over 2 mln barrels

MarketWatch.com - MarketPulse SAN FRANCISCO (MarketWatch) -- The American Petroleum Institute late Tuesday reported a climb of 2.1 million barrels in crude supplies for the week ended Feb. 7, according to data from sources. That was close to market expectations as analysts surveyed by Platts had forecast a climb of 2.5 million barrels in crude supplies. Sources also said the API reported gasoline stockpiles fell 479,000 barrels, while distillate supplies declined 1.45 million barrels. Analysts were looking for gasoline supplies to be unchanged and distillate inventories to fall by 2.5 million barrels. Following the data, March crude was at $100.38 a barrel in electronic trading, up from the $99.94 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.