Economics
Oil Pares Gains as API Said to Report Gasoline Supply Surge
- U.S. gasoline inventories rose by 4.08 million barrels: API
- Nationwide crude stockpiles fell 4.62 million barrels
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Oil pared gains after the industry-funded American Petroleum Institute was said to report a jump in fuel stockpiles last week.
API was said to report that U.S. gasoline stockpiles rose by 4.08 million barrels last week, outweighing a 4.62 million-barrel drop in crude supplies. Distillate stocks increased by 1.75 million barrels. A Bloomberg survey found that U.S. crude inventories and gasoline stocks probably dropped last week. Prices eased after gaining as much as 2.1 percent.