API data shows big rise in crude-oil supplies

SAN FRANCISCO (MarketWatch)
Oil futures headed lower in electronic trading after the American Petroleum Institute reported late Wednesday unexpected increases in petroleum supplies.
Crude-oil supplies climbed by 9.6 million barrels for the week ended Dec. 23, the API said. Gasoline inventories also rose by 1.9 million barrels, while distillate inventories added 554,000 barrels, the trade group said.
Analysts polled by Platts expected data to show that crude-oil stocks fell by 2.3 million barrels. They also forecasted a fall of 500,000 barrels in gasoline supplies and a decline of 1.2 million barrels in distillate inventories.