The American Petroleum Institute late Tuesday reported that crude supplies climbed by roughly 7.1 million barrels for the week ended Oct. 16, according to sources. Analysts polled by Platts expected supplies to be up 2.7 million barrels. December crude was at $45.92 a barrel in electronic trading, down from the contract’s settlement of $46.29 on the New York Mercantile Exchange. The more closely-watched Energy Information Administration report is due Wednesday.
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