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Oil Climbs After Surprise Drop in Industry Tally of U.S. Supply

  • Buyers draining American storage points to tighter market
  • Traders awaiting weekly U.S. government count on Wednesday
Bloomberg business news

JPM's Kelly Says $60 Oil Will Ramp Up U.S. Production

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Crude rose in after-hours trading because an oil-industry assessment was said to show a larger-than-expected contraction in U.S. crude stockpiles.

Futures extended gains from the settlement in New York after the American Petroleum Institute was said to have reported domestic oil inventories slid by 5.2 million barrels last week. That exceeded the 3.15 million-barrel decline forecast in a Bloomberg survey. If the drop is confirmed by the government on Wednesday, it will aggravate tightening supply conditions stemming from the shutdown of a key North Sea pipeline.