API Data Show U.S. Crude Supplies Dropped By 5.6 Million Barrels: Sources

The American Petroleum Institute late Tuesday reported that crude supplies fell by 5.6 million barrels for the week ended Jan. 1, according to sources who reviewed the report. The more closely watched EIA report is due Wednesday. On average, analysts polled by Platts show expectations for an increase of 2.75 million barrels, but Citi Futures analysts expect a decline of between 2 million and 3 million barrels. Following the API data, February crude was at $36.13 a barrel in electronic trading, up from the $35.97 settlement on Nymex.