US crude extends gains, API data shows bigger-than-expected draw

NEW YORK Tue Aug 7, 2012 4:42pm EDT

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NEW YORK Aug 7 (Reuters) - U.S. crude oil futures extended gains in post-settlement trading on Tuesday after industry group American Petroleum Institute said domestic crude stocks fell 5.4 million barrels last week, far more than the 300,000 decline forecast in a Reuters poll.

NYMEX September crude traded up $1.40, or 1.52 percent, at $93.60 a barrel by 4:36 p.m. EDT (2036 GMT). Before the API released its report, the front-month contract traded at $93.39, up $1.19, or 1.29 percent. (Reporting By Gene Ramos; Editing by Steve Orlofsky)

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