Oil Climbs As Sources Say API Data Show U.S. Crude Supplies Dropped 12.1 Mln Barrels

Oil futures climbed in electronic trading Wednesday after the American Petroleum Institute reported a 12.1 million-barrel drop in U.S. crude supplies for the week ended Sept. 2, according to sources. That contradicted expectations for an increase of 425,000 barrels from analysts polled by S&P Global Platts. The analysts said refinery utilization was expected to fall amid disruptions from Hurricane Hermine in the Gulf of Mexico, according to Platts. The closely watched Energy Information Administration report will be released Thursday, a day late due to last Monday's U.S. holiday. October crude was at $46.14 a barrel in electronic trading, up from the contract’s settlement of $45.50 on the New York Mercantile Exchange.