Oil Little Changed as Inventories Jump, Equities Gain
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Oil was little changed after a government report showed that U.S. crude and fuel inventories surged while equities gained on economic optimism.
Futures fell 5 cents after the Department of Energy said crude stockpiles rose 1.31 million barrels to 361.3 million and output reached the highest level since 1993. The combined gain of crude, gasoline and distillate supplies was 15.5 million barrels, the most since 1996. Oil rebounded from the session’s lows as the Standard & Poor’s 500 snapped a two-day slide.