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Ahead Of The Bell: Jump In Crude Reserves Expected

The Associated Press

NEW YORK (AP) — The Energy Department will likely report an 800,000-barrel jump in crude oil reserves on Wednesday for the week ended June 5, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.

The Energy Information Administration releases its weekly report at 10:30 a.m. EDT.

Platts also expects gasoline stockpiles to rise by 1.1 million barrels, distillate stocks to increase by 1.1 million barrels and refinery capacity to jump 0.3 percentage point to 86.6 percent.

A reading above or below estimates can influence market trading.

Last Wednesday, the EIA said for the week ended May 29 crude oil rose by 2.9 million barrels to 366 million barrels; gasoline reserves slipped by 200,000 barrels to 203.2 million barrels; and distillate inventories rose by 1.6 million barrels to 150 million barrels.

Last week's crude oil figure exceeded the 2 million-barrel drop analysts expected.

After that report, benchmark crude for July delivery tumbled 3.5 percent, or $2.43, to $66.12 a barrel on the New York Mercantile Exchange.