Oil Extends Loss as Industry Said to Report U.S. Storage Jump

WTI crude futures fall as much as 1.6 percent after API report
Group said to see U.S. crude stocks up 5.32 million barrels

Inside The Strategic Petroleum Reserve As U.S. Seeks Oil-Reserve Overhaul To Ease Mandatory Drawdowns — Photographer: Luke Sharrett/Bloomberg

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By Meenal Vamburkar

March 27, 2018 at 12:32 AM UTC

Updated on

March 27, 2018 at 9:16 PM UTC

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Oil extended its slide following an industry report that American crude storage surged.

Futures in New York fell as much as 1.6 percent in after-hours trading. After concerns over Middle East tensions lifted crude close to January highs last week, an anticipated build in U.S. stockpiles is keeping a lid on prices ahead of a government report on Wednesday. An American Petroleum Institute tally on Tuesday was said to show a 5.32-million-barrel jump, way higher than expected.