Oil Prices Climb; Sources Say API Data Show 5.2 Million-barrel Drop In Crude Supplies

Oil futures climbed past $50 a barrel in electronic trading Tuesday after the American Petroleum Institute reported that U.S. crude supplies dropped by 5.2 million barrels for the week ended June 17, according to sources. Analysts polled by S&P Global Platts forecast a fall of 1.4 million barrels for crude inventories. The closely watched Energy Information Administration report will be released Wednesday. August crude was at $50.19 a barrel in electronic trading, up from the contract’s settlement of $49.85 on the New York Mercantile Exchange.