Ahead of the Bell: Rise in crude reserves expected

NEW YORK (AP) — The Energy Department will likely report a 1.3 million-barrel build in crude-oil reserves on Wednesday for the week ended Oct. 30, according to a survey by Platts, the energy-information arm of McGraw-Hill Cos.

The Energy Information Administration releases its weekly report at 10:30 a.m. EDT.

Platts also expects gasoline stockpiles to rise 800,000 barrels, distillate stocks to decline by 1 million barrels and refinery utilization to increase 0.4 percentage point to 82.2 percent.

A reading above or below estimates can influence market trading.

Last Wednesday, the EIA said for the week ended Oct. 23 crude inventories rose 800,000 barrels to 339.9 million barrels; gasoline inventories rose by 1.7 million barrels to 208.6 million barrels; and distillate inventories fell 2.1 million barrels to 167.8 million barrels.

Last week's crude oil figure fell short of the build of 900,000 barrels analysts expected.

After that report, benchmark crude prices rose $1.34 to $78.21 per barrel on the New York Mercantile Exchange.