Oil Rebounds After Industry Report Shows Shrinking U.S. Supplies
- API reports U.S. crude, gasoline and distillate stockpile drop
- Fuel draw may be largest since March if U.S. data confirms it
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Oil rebounded in post-market trading after an industry report showed declining U.S. inventories.
Futures in New York edged up after closing 0.4% lower on Tuesday. Domestic crude supplies fell 4.73 million barrels last week, according to people familiar with data from the industry-funded American Petroleum Institute. Gasoline stockpiles declined 6.23 million barrels, the API said. The fuel supply drop would be the largest since March if U.S. government data confirms it Wednesday.