Oil futures climbed in electronic trading Tuesday from their settlement after the American Petroleum Institute reported a 7.6 million-barrel drop in U.S. crude supplies for the week ended Sept. 30, according to sources. Analysts polled by S&P Global Platts forecast a 2 million-barrel increase in stockpiles. “Demand is rising,” said Phil Flynn, senior market analyst at Price Futures Group. “We are seeing the U.S. market get in balance a lot quicker than anyone thought.” The closely watched Energy Information Administration report will be released Wednesday. November crude was at $49.15 a barrel in electronic trading, up from the contract’s settlement of $48.69 on the New York Mercantile Exchange.
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