Oil Pares Decline as Industry Data Show U.S. Fuel Inventory Drop
- API said to report U.S. crude stocks rose 1.16 million barrels
- Cushing, Oklahoma inventories seen dropping for 12th week
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Oil reduced its decline after the industry report showed U.S. fuel stockpiles fell last week.
Futures in New York narrowed their decline after the American Petroleum Institute was said to have reported distillate inventories sank 4.26 million barrels and gasoline also fell. While nationwide crude stockpiles rose, Cushing, Oklahoma, the futures contract delivery point, declined for a 12th week.