API data show big drop in crude-oil supplies

SAN FRANCISCO (MarketWatch)
Crude-oil supplies fell by 4.6 million barrels for the week ended Dec. 16, the American Petroleum Institute reported late Tuesday.
Gasoline inventories also declined by 394,000 barrels, while distillate inventories fell 2.8 million barrels, the trade group said.
Analysts polled by Platts expected data to show that crude-oil stocks fell by 2.25 million barrels for the week ending Dec. 16.
They also forecast a rise of 1.75 million-barrel in gasoline supplies and a decline of 600,000 barrels in distillate inventories.
The contract had closed at $97.24 a barrel on the New York Mercantile Exchange.
The API's figures come ahead of Wednesday's more closely watched Energy Information Administration report.