Economics
Oil Loses Steam as Industry Tally Shows Surprise Stockpile Rise
- U.S. oil inventories expanded by 2.9 million barrels: API
- Analysts expected supplies in biggest economy to shrink
This article is for subscribers only.
Crude surrendered most of the day’s gains after an industry report showed a surprise increase in U.S. crude stockpiles.
Futures dropped in London and New York after the American Petroleum Institute was said to report a 2.9 million-barrel rise in American oil inventories last week. That would be the first expansion since early August if the federal government’s energy data unit confirms it on Wednesday. Among analysts, the consensus expectation is for a 1.5-million drop.