API says crude-oil inventories rose 2.9 million barrels: reports
The American Petroleum Institute, an industry group, reported Tuesday that U.S. crude-oil inventories rose by 2.9 million barrels in the latest week, according to news reports. The data comes ahead of the closely watched weekly inventory data from the Energy Department's Energy Information Administration on Wednesday morning. Analysts surveyed by The Wall Street Journal expect the EIA to report a 1 million barrel decline in inventories. Oil futures weakened in electronic trade after the API data, with February crude on the New York Mercantile Exchange trading at $37.39 a barrel versus a floor close of $37.87.
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