API data point to surprise increase for oil supply
SAN FRANCISCO (MarketWatch) -- Crude-oil inventories rose by 507,000 barrels in the week ended June 22, according to data released late Tuesday. The American Petroleum Institute also said gasoline supplies rose 373,000, while distillate stockpiles declined 1 million barrels. The API data comes a day ahead of official data from the Energy Information Administration. Analysts polled by Platts expect a decline for crude stockpiles by 1 million barrels; a rise of 300,000 for gasoline inventories, and an increase by 1 million barrels for distillates. Oil futures ended a tad higher on Tuesday, as a late-hour reversal pushed crude for August delivery to a settlement of $79.36 a barrel on the New York Mercantile Exchange.