MW: Oil edges down as API reports rise in crude stocks
Oil futures edged lower early Wednesday after the American Petroleum Institute reported that crude stocks declined by 1 million barrels last week. Crude for June delivery fell 12 cents to $48.44 a barrel in electronic trading on Globex. The API also reported late Tuesday that gasoline supplies rose by 107,000 barrels and distillate stocks increased by 458,000 barrels. The Energy Information Administration will report its more closely watched data at 10:30 a.m. on Wednesday. Analysts surveyed by Platts expect U.S. crude inventories increased by 3 million barrels last week, rising from their highest level in nearly two decades.
