Oil Gains As Sources Say API Data Show a Weekly Drop In U.S. Crude Supplies

Oil prices gained in electronic trading Tuesday after the American Petroleum Institute reported a hefty decline of 5.8 million barrels in U.S. crude supplies for the week ended May 5, according to sources. The API data also showed a rise of 3.2 million barrels in gasoline supplies, while inventories of distillates were down 1.2 million barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. Analysts polled by S&P Global Platts forecast a decrease of 1.8 million barrels in crude inventories. June crude was at $46.25 a barrel in electronic trading, up from the contract’s settlement of $45.88 on the New York Mercantile Exchange.