Oil supplies advanced 3.6 million barrels to 351.5 million last week, the American Petroleum Institute said.
Distillate fuel inventories declined 1.45 million barrels to 136.6 million, the API’s weekly report showed. Gasoline stockpiles (APISMGAS) rose 1.34 million to 226.3 million.
Crude at Cushing, Oklahoma, the delivery point for futures traded on the New York Mercantile Exchange, gained 1.05 million to 39.6 million.
The Energy Department is scheduled to release its inventory report at 10:30 a.m. tomorrow in Washington.
The government report may show supplies of oil rose 2.55 million barrels last week, according to the median of 12 responses in a Bloomberg News (DOEASCRD) survey of analysts. Gasoline inventories probably dropped 1.55 million barrels, the survey showed. Distillates were expected to slip by 500,000 barrels.
API collects stockpile information on a voluntary basis from operators of refineries, bulk terminals and pipelines. The government requires that reports be filed with the Energy Department for its weekly survey.
Crude oil for May delivery fell 9 cents to $106.94 a barrel at 4:34 p.m. in electronic trading on the New York Mercantile Exchange. The contract, which settled at $107.33, traded at $107.06 before the report was released at 4:30 p.m.
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