Oil Halts Slide Near $47 as U.S. Stockpiles Seen Extending Drop
- API pegs gasoline, diesel inventories higher, people say
- Crude price rose on speculation fuel inventories would fall
Standard Chartered Bank Chief Investment Strategist Steve Brice discusses the price and production of oil. He speaks on 'Bloomberg Markets: Middle East.' (Source: Bloomberg)
Oil pared gains after the American Petroleum Institute unexpectedly reported higher inventories of U.S. gasoline and diesel last week, even as crude supplies declined.
The API estimated Tuesday that stockpiles of gasoline rose 1.4 million barrels last week and diesel expanded 2.05 million, according to people familiar with the data, which is only disclosed to members. That would be a third straight increase for gasoline at a time when supplies typically shrink because of summer demand. Analysts surveyed by Bloomberg before the government’s weekly tally on Wednesday estimated a decline of 1.3 million barrels.