Oil Futures Inch Lower As Sources Say API Data Show U.S. Crude Supply Up 2.7 Million Barrels

Oil futures inched lower in electronic trading Wednesday after the American Petroleum Institute reported a 2.7 million-barrel rise in U.S. crude supplies for the week ended Oct. 7, according to sources. Analysts polled by S&P Global Platts forecast an increase of 250,000 barrels in stockpiles. Total crude stocks of 479.9 million barrels "reflect the same accounting adjustment to remove lease stocks from the total planned for tomorrow's [Energy Information Administration] report," said Tim Evans, energy analyst at Citi Futures. The EIA data will be released Thursday. Data was delayed by one day this week due to Monday's government holiday. November crude was at $50.09 a barrel in electronic trading, down from the contract’s settlement of $50.18 on the New York Mercantile Exchange.