By William Watts
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 (NYM:CL.1) rose to $113.55 a barrel in electronic trade Tuesday afternoon, up from a close of $112.40 in regular trading.