The American Petroleum Institute late Tuesday reported that crude supplies fell by 1.9 million barrels for the week ended Dec. 4, according to sources. Analysts polled by Platts forecast a decline of 1.2 million barrels. January crude was at $37.92 a barrel in electronic trading, up from the contract’s settlement of $37.51 on the New York Mercantile Exchange. The more closely-watched Energy Information Administration report is due Wednesday.
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