Economics
Oil Dips as Industry Data Shows U.S Crude, Gasoline Stock Build
- Crude inventories increased 3.95 million barrels: API
- Gasoline stocks last week climbed by the most since December
This article is for subscribers only.
Crude edged lower after an industry report was said to show U.S. crude and gasoline inventories are continuing to expand.
Futures in New York lost ground after the American Petroleum Institute was said to have reported nationwide crude stockpiles rose by 3.95 million barrels last week, while gasoline supplies expanded by 4.63 million barrels. A fuel build of that magnitude would be the largest since late December if it’s confirmed by the Energy Information Administration on Wednesday.