API Data Show U.S. Oil Supplies Up 3.45 Million Barrels: Sources

Oil futures edged lower in electronic trading Tuesday after the American Petroleum Institute reported that U.S. crude supplies rose by 3.45 million barrels for the week ended May 6, according to sources who reviewed the report. Analysts polled by S&P Global Platts forecast a climb of 300,000 barrels for crude inventories. The closely watched Energy Information Administration report will be released Wednesday. June crude was at $44.52 a barrel in electronic trading, down from the contract’s settlement of $44.66 on the New York Mercantile Exchange.