crude oil Inventory Report

crude oil Inventory Report : An Energy Department report scheduled for 11 a.m. in Washington is forecast to show crude stockpiles declined 1.6 million barrels last week, according to the median of 13 analyst estimates in a Bloomberg News survey. The industry-funded American Petroleum Institute said yesterday supplies rose 3.5 million barrels to 371.6 million.

Gasoline inventories climbed 1.49 million barrels to 212.7 million, the API said. The Energy Department report may show a 900,000-barrel increase for the fuel, the survey showed.

Oil-supply totals from the API and the Energy Department have moved in the same direction 72 percent of the time over the past year. API collects stockpile information on a voluntary basis from operators of refineries, bulk terminals and pipelines. The government requires that reports be filed with the Energy Department for its weekly survey.

Economists in a Bloomberg News survey project a government report tomorrow may show payroll gains weakened in May, raising the risk that consumers will curb spending, the biggest part of the economy.

The Organization of Petroleum Exporting Countries is likely to keep production levels steady when it meets next week, according to a Bloomberg survey. For the latest updates PRESS CTR + D or visit Stock Market news Today

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