Oil inventories rise 3.5 million barrels, API says (by Claudia Assis)

SAN FRANCISCO (MarketWatch) -- Crude-oil inventories rose 3.5 million barrels for the week ended Jan. 14, the American Petroleum Institute said Wednesday. That ran counter to expectations of a decline of 2.2 million barrels, according to analysts polled by Platts. The trade group's report, delayed one day because of Monday's Martin Luther King holiday, comes ahead of Thursday's official numbers from the Energy Information Administration. The API's report also showed gasoline stocks up 1.87 million barrels, and supplies of distillates rising 940,000 barrels. Crude-oil for February delivery (CLG11) settled 0.6% lower at $90.86 a barrel on Wednesday.