By Alex Longley

(Bloomberg) —

Summary of what’s shaping the oil market on Wednesday: The API was said to report U.S. crude inventories rose significantly last week, while ARA stockpiles jumped by the most in years in February. The OECD cut its global growth outlook, amid concerns about the health of economies worldwide.

* The API was said to report a U.S. crude inventory build of 7.29m bbl, while gasoline and distillate inventories declined

** Crude stockpiles are forecast to have risen 1.45m bbl, according to the median of a Bloomberg survey before EIA data at 10:30am ET

* In Europe, ARA crude inventories last week rose w/w, giving February the biggest monthly increase in data going back to 2013
* The OECD cut its forecast for global economic growth to 3.3% from 3.5%, with a slowdown in Europe seen particularly sharp

** Longer-term, Morgan Stanley sounded a warning in a key oil demand center, arguing that the use of electric vehicles and high-speed rail travel may see Chinese demand peaking in 2025

* Algerian President Abdelaziz Bouteflika’s health deteriorated and he requires constant care at a Geneva hospital, Swiss daily Tribune de Geneve reported
* Nigeria’s Bonny oil pipeline is expected to restart on Friday, according to its operator Aiteo
* South Korea and the U.S. are discussing extending waivers for American sanctions on Iran, Yonhap News reported, without attribution

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John Deane, Brian Wingfield