Oil Futures Climb As Sources Say API Data Show U.S. Crude Supply Down 7.6 Million Barrels

Oil futures climbed in electronic trading Tuesday from their settlement after the American Petroleum Institute reported a 7.6 million-barrel drop in U.S. crude supplies for the week ended Sept. 30, according to sources. Analysts polled by S&P Global Platts forecast a 2 million-barrel increase in stockpiles. "Demand is rising," said Phil Flynn, senior market analyst at Price Futures Group. "We are seeing the U.S. market get in balance a lot quicker than anyone thought." The closely watched Energy Information Administration report will be released Wednesday. November crude was at $49.15 a barrel in electronic trading, up from the contract's settlement of $48.69 on the New York Mercantile Exchange.