Oil Prices Climb After API Data Said To Show Surprise Fall In U.S. Crude Supplies

The American Petroleum Institute late Tuesday reported that crude supplies fell by 1.1 million barrels for the week ended April 22, according to sources who reviewed the report. Analysts polled by Platts forecast a climb of 800,000 barrels for crude inventories. The closely watched Energy Information Administration report will be released Wednesday. June crude was at $44.49 a barrel in electronic trading, up from the contract’s settlement of $44.04 on the New York Mercantile Exchange.

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