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API Data Show Unexpectedly Strong Rise in Inventories - USO Down in After-Hours Trading

The American Petroleum Institute said late Tuesday crude inventories rose 3.8 million barrels in the week ended March 4. Analyst expectations were for a rise of 600,000 barrels for the week ended March 4, according to Dow Jones Newswires.

Gasoline stocks fell 3.7 million barrels, the Washington-based trade group said. The analysts had seen supplies falling 1.5 million barrels. Stocks of distillates fell 1.5 million, whereas they were expected to fall 1.2 million barrels.

The Department of Energy is scheduled to report its more closely watched supplies data Wednesday at 10:30 a.m. ET.

Crude oil for April delivery finished Tuesday trading down $0.42, or 0.38%, to $105.02 a barrel. Crude is already up some 9% this month.

The United States Oil Fund ETF ( USO ) is trading down 0.2% at 42.24 in after-hours trading.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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