Oil continues to rise

Oil rebounded after an industry forecast pointed to a big drop in U.S. inventories, adding to signs of tightening markets. U.S. crude rebounded from a 0.5 percent loss on Tuesday to rise above $82 a barrel. The American Petroleum Institute (API) reported that crude inventories nationwide fell by 15.4 million barrels last week, according to people familiar with the figures. The API estimates also pointed to another drop in crude inventories at its main storage hub in Cushing, Oklahoma, and declines in gasoline and distillate inventories. Separately, data from AlphaBBL pointed to a decline in oil prices in Cushing, the delivery point for U.S. crude futures. Crude rose last month after the Organization of the Petroleum Exporting Countries and its allies including Russia tightened supply to boost prices. That prompted calls from banks including Goldman Sachs Group Inc. that the market will see a significant deficit this half, with demand forecast at record levels.