Oil surging following API report

Oil surging following API report

The American Petroleum Institute late Tuesday reported that crude supplies rose by 2.6 million barrels for the week ended March 25, according to sources who reviewed the report. The closely watched Energy Information Administration report will be released Wednesday. Analysts polled by Bloomberg forecast a climb of 2,82 million barrels for crude inventories.

Oil prices fell on Tuesday, reflecting growing concerns that a two-month rally may be fading, as supply looked set to keep rising and there appeared to be little immediate prospect of demand keeping pace. The oil price has risen more than 45 percent since mid-February ahead of a meeting next month of the world’s major producers to discuss an output freeze. But there

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