Economics
Oil Gains as API Is Said to Report U.S. Crude Stockpile Draw
- API said to report crude supplies fell 8.13 million barrels
- EIA cuts 2018 production forecast to 9.9 million barrels a day
Goldman Sees Risk of Oil Below $40
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Oil climbed higher after an industry report was said to show U.S. crude stockpiles fell by the most since September.
Crude inventories declined by 8.13 million barrels last week in the American Petroleum Institute report released Tuesday, people familiar with the data said. It would be the biggest drop since September when compared with EIA data. Earlier Tuesday, the agency cut its 2018 crude output forecast to 9.9 million barrels a day from 10.01 estimated in June.