Oil up 2 percent after two-day drop, API boosts crude draw hopes

By Barani Krishnan NEW YORK (Reuters) - Oil prices settled up nearly 2 percent on Wednesday as robust U.S. economic data lifted crude futures from two days of declines, with the market extending gains in post-settlement trade on bets for a sharp drop in U.S. crude stockpiles. The American Petroleum Institute trade group said its data showed U.S. crude stockpiles fell by 6.7 million barrels last week, declining for a seventh week in a row. The U.S. Energy Information Administration will issue off