API Data Show Bigger-than-expected Drop In U.S. Crude Supply

The American Petroleum Institute late Tuesday reported that crude supplies fell 5.2 million barrels for the week ended May 15, according to sources. That was more than double the 2 million-barrel decline expected by analysts surveyed by Platts. July crude was at $58.28 a barrel in electronic trading, up from the $57.99 close on Nymex. The more closely watched Energy Information Administration report is due Wednesday.