API reports big increases in petroleum supplies

SAN FRANCISCO (MarketWatch)
Crude-oil supplies rose by 2.4 million barrels for the week ended Jan. 4, according to a report from the American Petroleum Institute issued late Tuesday
Analysts polled by Platts were looking for a 1.5 million-barrel climb
Gasoline inventories jumped 7.9 million barrels and distillate stocks were up 5.9 million barrels, the report from the trade group said
Analysts forecast a rise of 2.6 million barrels in gasoline inventories and a climb of 1.5 million barrels in distillate supplies