Oil Inches Higher as Industry Is Said to Report Big Supply Drop
- U.S. crude stockpiles fell 9.2 million barrels last week: API
- Cushing and gasoline supplies rose, while distillates dropped
Ed Morse, global head of commodities research at Citigroup, explains why U.S. shale oil holds an advantage over OPEC and offers his outlook for the Permian basin. He speaks with Bloomberg's Alix Steel on 'Bloomberg Daybreak: Americas.' (Source: Bloomberg)
Oil edged up after an industry report was said to show a big decline in U.S. inventories that softened, but failed to end, concerns about surging production from shale fields.
Crude stockpiles tumbled by 9.2 million barrels last week in an American Petroleum Institute report released Tuesday, according to people familiar with the data. That would be the largest crude draw since September if Energy Information Administration data confirm it on Wednesday. Meanwhile, production at shale fields is forecast to hit a record in September, with the gain being led by the oil-rich Permian Basin of Texas and New Mexico.