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Crude Inventories Rise More Than Expected in Latest Week, API Data Show - Crude ETF Gains in After-Hours

Inventories of crude oil rose 2.7 million barrels in the week ended May 13, the American Petroleum Institute said late Tuesday, according to news reports. Gasoline stocks fell 676,000 barrels and stockpiles of distillates were down 2.8 million.

The more closely tracked inventories data from the Department of Energy is due Wednesday. Analysts polled by Platts expect crude oil stocks to have increased 500,000 barrels. Gasoline stocks are seen up 550,000 barrels, while distillates stocks are expected to rise 600,000 barrels.

Oil closed regular trading down 0.5% at $96.91 a barrel, a 12-week low.

In after-hours action, the United States Oil Fund ( USO ) is up 0.3% at 38.67, after ranging between 38.53 and 38.70.

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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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