Oil Futures Fall As Sources Say API Data Show U.S. Crude Supply Up 9.3 Mln Barrels

Oil futures dropped in electronic trading Tuesday after the American Petroleum Institute reported a 9.3 million-barrel climb in U.S. crude supplies for the week ended Oct. 28, according to sources. Analysts polled by S&P Global Platts forecast an increase of 1.9 million barrels in stockpiles. Supply data from the Energy Information Administration will be released Wednesday. December crude was at $46.33 a barrel in electronic trading, down from the contract’s settlement of $46.67 on the New York Mercantile Exchange.

Copyright © 2016 MarketWatch, Inc.