API Oil Inventories

Source: American Petroleum Institute

Crude oil supplies increased by 7.6 million barrels during the week ended March 16, the

American Petroleum Institute

reported Tuesday evening. Analysts were expecting an increase of 2.5 million barrels, according to a

Reuters

poll. Total supplies of crude oil now stand at 292.9 million barrels, 280,000 barrels lower than a year ago.

For the same period ended March 16, distillate stocks (heating oil and diesel fuel) fell by 3.1 million barrels. Analysts were looking for a drop of 1 million barrels. Supplies are now at 110.8 million barrels, a 7.1 million-barrel surplus compared to a year ago.