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Market Pulse: API sees drops in U.S. oil, gasoline inventories: source

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Oil futures rose in electronic trade late Tuesday after a trade group reported a large drop in U.S. crude-oil and gasoline inventories.

The American Petroleum Institute said U.S. crude-oil inventories fell 2.4 million barrels last week, while gasoline stocks fell by 5.1 million barrels, according to a source. Distillate inventories were seen up 1 million barrels.

The Energy Information Administration on Wednesday will release official inventory data. Analysts surveyed by S&P Global Commodity Insights expect the official data to show a 2.1 million barrel rise in oil inventories, while gasoline is seen down 100,000 barrels and distillates down 1 million barrels.

West Texas Intermediate crude for June delivery
CL.1,
-0.57%

CLM22,
-0.57%

rose to $113.55 a barrel in electronic trade Tuesday afternoon, up from a close of $112.40 in regular trading.

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