Oil Higher After API Data Said To Show Big Drop In U.S. Crude Supplies

The American Petroleum Institute late Wednesday reported that crude supplies fell 6.7 million barrels for the week ended July 1, according to sources who reviewed the report. The closely watched Energy Information Administration report is due Thursday at 11 a.m. Eastern time, with data delayed by a day following Monday's Independence Day holiday. Analysts polled by S&P Global Platts forecast a 2.6 million-barrel decline in crude supplies. Following the API data, August crude was at $47.91 a barrel in electronic trading, up from the $47.43 settlement on Nymex.