Oil Gains After API Data Show 6.7 Mln Barrel Crude Supply Drop

Oil futures climbed in electronic trading late Tuesday after the American Petroleum Institute reported that crude supplies dropped 6.7 million barrels for the week ended June 5, according to sources. A Platts survey of analysts forecast a decline of 1.6 million barrels. In recent weeks, the API has reported increases in supplies as the Energy Information Administration reported declines. Following the data, July crude was at $60.52 a barrel in electronic trading, up from the $60.14 settlement on Nymex. The more closely watched EIA report is due Wednesday.