EIA reports an unexpected weekly rise in U.S. crude supplies

The Energy Information Administration reported on Wednesday that U.S. crude inventories rose by 2.4 million barrels for the week ended April 1. That followed declines in each of the previous two weeks. On average, the EIA was expected to show crude inventories down by more than 1.85 million barrels, according to analysts surveyed by S&P Global Commodity Insights. The American Petroleum Institute on Tuesday reported a 1.1 million-barrel increase, according to sources. The EIA reported a weekly inventory decline of 2 million barrels for gasoline, but distillate stockpiles edged up by 800,000 barrels. The analyst survey showed expectations for weekly supply declines of 350,000 barrels for gasoline and 700,000 barrels for distillates. The EIA data showed crude stocks at the Cushing, Okla., Nymex delivery hub edged up by 1.7 million barrels for the week. May West Texas Intermediate crude CLK22, -0.50% was up 4 cents, or less than 0.1%, at $102 a barrel on the New York Mercantile Exchange. It traded at $102.45 before the supply data.