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Oil Decline Eases as Industry Said to Report Stockpile Plunge

  • Crude supplies declined by 4.16 million barrels last week: API
  • OPEC crude production slipped 0.1% in April: Bloomberg survey
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Oil Slides as U.S. Drilling Rises

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Oil futures pared losses in New York after a U.S. industry report was said to show a drop in crude and gasoline stockpiles.

The American Petroleum Institute’s tally for American crude supplies shrank by 4.16 million barrels last week, and the one for gasoline fell by 1.93 million, people familiar with the data said Tuesday. In an Energy Information Administration report due Wednesday, crude stockpiles are forecast to have decreased, while fuel supplies are seen rising, according to a Bloomberg survey.