Oil jumps to near $50 after API reports big U.S. stockpile draw

By Barani Krishnan NEW YORK (Reuters) - Oil rose about 1 percent on Tuesday on a boost from Wall Street and expectations of a drawdown in U.S. crude inventories, then prices jumped another 1 percent after settlement to nearly $50 a barrel after an industry group suggested the draw was larger than expected. Data from the American Petroleum Institute (API) showed U.S. crude inventories fell 5.1 million barrels last week, double the expectations of analysts polled by Reuters. The market will watch