The American Petroleum Institute late Tuesday reported that crude supplies fell 1.2 million barrels for the week ended Oct. 2, according to sources. Analysts polled by Platts expected supplies to be up 1.75 million barrels. November crude was at $49.04 a barrel on Globex, up from the contract’s settlement of $48.53 on the New York Mercantile Exchange. The more closely watched Energy Information Administration report is due Wednesday.
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