Oil Prices Rally As API Data Show U.S. Crude Supply Down 5.1 Million Barrels: Sources

Oil futures rallied in electronic trading Tuesday after the American Petroleum Institute reported that U.S. crude supplies fell by 5.1 million barrels for the week ended May 20, according to sources who reviewed the report. Analysts polled by S&P Global Platts forecast a decline of 3.3 million barrels for crude inventories. The closely watched Energy Information Administration report will be released Wednesday. July crude was at $49.21 a barrel in electronic trading, up from the contract’s settlement of $48.62 on the New York Mercantile Exchange.