Crude Oil Erases Declines After Bullish API Inventory Report
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Oil erased earlier losses after the release of bullish U.S. inventory data that showed a larger-than-expected drop in crude stockpiles.
The industry-funded American Petroleum Institute reported that crude stockpiles fell 7.23 million barrels, while gasoline supplies declined 4.5 million barrels last week. If confirmed by the government, this would be the fourth weekly crude draw. The gasoline contraction would be largest since April. Analysts surveyed by Bloomberg estimate an almost 3 million barrel contraction in U.S. crude stocks.