Oil Gains as Market Weighs Crude Supply Drop, Gasoline Build
- Nationwide crude inventories fell by 6.45 million barrels
- Gasoline supplies surge by the most since January: EIA
Here's Why Oil Prices Are Extending Declines
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Oil edged higher as traders weighed a decline in U.S. crude stockpiles with an unexpected increase in gasoline supplies.
Futures closed 0.8 percent up, after swinging between gains and losses during the session in New York. While crude inventories slid for a sixth week, by 6.45 million barrels, gasoline supplies jumped by 3.42 million barrels last week, the most since January, data from the Energy Information Administration Wednesday showed. This came as a surprise to investors, as reductions in gasoline stockpiles are typically seen during the summer driving season.