Oil Falls After API Said to Report U.S. Crude Stockpile Gain
- API said to report American supplies rose 11.6 million barrels
- Saudi Arabia’s al-Falih has ‘yet to decide’ on extending curbs
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Oil declined after an industry report was said to show that U.S. crude inventories increased.
Supplies rose 11.6 million barrels last week according to an American Petroleum Institute report Tuesday, people familiar with the data said. That contrasted with analysts surveyed by Bloomberg who said stockpiles probably rose by only 1.39 million barrels ahead of Energy Information Administration data Wednesday. Futures closed near $53 a barrel in New York as Saudi Oil Minister Khalid al-Falih said that OPEC and its partners are making good progress in delivering promised output curbs.