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Oil Extends Gain as Report Shows Surprise Fall in U.S. Supplies

  • Crude stocks declined 3.1 million barrels, API said to find
  • WTI futures build on earlier gains as market looks tighter
A Shale-Oil Boomtown As Oil Bust Proves To Be Good
Photographer: Daniel Acker/Bloomberg
Updated on

Oil extended its gains after an industry report was said to find an unexpected drop in U.S. inventories last week, bolstering the picture of a tightening crude market.

Futures in New York gained as much as 1.5 percent in after-hours trading on Tuesday, after the American Petroleum Institute reportedly showed a 3.1 million barrel decline in American stockpiles. If confirmed by official government data due on Wednesday, that would defy analyst forecasts of rising supplies.