MW: Crude futures gain on reported U.S. supply drop
By MarketWatch
NEW YORK (MarketWatch) — Crude-oil futures edged higher on Wednesday, gaining after data showed a drop in U.S. supplies last week, indicating demand for the commodity might be picking up.
Benchmark crude for November delivery gained 25 cents to stand at $76.43 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 34 cents to end at $76.18 on Tuesday.
Late Tuesday, the American Petroleum Institute reported that its latest estimate of crude stockpiles declined by 2.4 million barrels last week. The government’s Energy Information Administration is scheduled to issue its own weekly update on petroleum inventories later Wednesday.
