Oil Futures Climb As Sources Say API Data Show U.S. Crude-supply Down 7.5 Million Barrels

Oil futures climbed in electronic trading Tuesday after the American Petroleum Institute reported a 7.5 million-barrel decline in U.S. crude supplies for the week ended Sept. 16, according to sources. That contradicts the 2.8 million-barrel increase expected by analysts polled by S&P Global Platts. The closely watched Energy Information Administration report will be released Wednesday. November crude was at $44.51 a barrel in electronic trading, up from the contract’s settlement of $44.05 on the New York Mercantile Exchange.