Oil Futures Rise As Sources Say API Data Show Surprise U.S. Crude Supply Decline

By Myra P. Saefong Markets MarketWatch Pulse

Oil futures climbed in electronic trading Tuesday from their settlement after the American Petroleum Institute reported a 3.8 million-barrel decline in U.S. crude supplies for the week ended Oct. 14, according to sources. Analysts polled by S&P Global Platts forecast an increase of 2.5 million barrels in stockpiles. Supply data from the Energy Information Administration will be released Wednesday. November crude was at $50.71 a barrel in electronic trading, up from the contract’s settlement of $50.29 on the New York Mercantile Exchange.

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