API reports suprise increases for energy products

The American Petroleum Institute on Tuesday reported a surprise increase in oil, gasoline and distillates stocks. The Washington-based trade group said oil inventories rose 1.74 million barrels on the week ended July 9, while analysts polled by Platts had expected a reduction of 2.6 million barrels. Gasoline stocks rose 1.73 million barrels as well, the API reported, while stockpiles of distillates, which include diesel and heating oil, rose 3.19 million barrels. The analysts surveyed by Platts had expected increases of 950,000 for gasoline supplies and 800,000 for distillates supplies on the week. API data comes ahead of more closely watched Department of Energy inventories report Wednesday morning. Oil for August delivery lost a penny to $77.14 a barrel in electronic trading on Globex