Oil Slumps as U.S. Stockpile Gain Takes Luster From OPEC Efforts
- Nationwide supplies advanced 882,000 barrels last week: API
- Saudi Arabia, Russia agree OPEC cuts should continue into 2018
Oil Holds Gain After Highest Close in Nearly 2 Weeks
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Oil extended declines after industry data showed an unexpected increase in U.S. crude stockpiles.
The American Petroleum Institute data came as a bucket of cold water on a rally driven by Saudi and Russian pledges to extend supply cuts. Futures fell as much as 1.3 percent in New York. Inventories rose by 882,000 barrels last week, the API was said to report. That contrasts with government data due Wednesday that’s expected to show a 2 million barrel decline, according to a Bloomberg survey.