Oil Climbs As Sources Say API Data Show U.S. Crude Supply Down More Than 9 Million Barrels

Oil prices climbed late Tuesday after the American Petroleum Institute reported that U.S. crude supplies dropped 9.2 million barrels for the week ended Aug. 11, according to sources. The API data also showed a rise of 301,000 barrels in gasoline supplies, while inventories of distillates were down 2.1 million barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. Analysts polled by S&P Global Platts expect the EIA to report a decline of 3.6 million barrels in crude inventories. September crude was at $47.80 a barrel in electronic trading, up from the contract’s settlement of $47.55 on the New York Mercantile Exchange.