API says U.S. oil inventories rose 1.85 million barrels last week: source

The American Petroleum Institute on Tuesday reported that U.S. crude-oil inventories rose 1.85 million barrels last week, according to a source citing the data. Gasoline inventories were up 1.82 million barrels, while distillate stocks rose 3.38 million barrels. The Energy Information Administration will release official inventory figures on Wednesday morning. Analysts surveyed by S&P Global Commodity Insights forecast crude inventories to fall by 2.9 million barrels, while gasoline stocks were seen up 2 million barrels and distillate stocks up 800,000 barrels. West Texas Intermediate crude for July delivery traded at $119.86 a barrel in electronic trade, up from a Tuesday close of $119.41.

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