Economics
Oil Rises as U.S. Stockpiles Are Said to Rise Less Than Expected
- U.S. crude stockpiles rose by 1.44 million barrels last week
- Gasoline supplies dropped, distillates shrank most since 2004
Does OPEC Have Any Fight Left in It?
This article is for subscribers only.
Oil rose as an industry report was said to show U.S. stockpiles climbed less than expected.
The price spike in after-hours trading helped erase almost all of the regular session’s loss on Tuesday. U.S. crude inventories increased by 1.44 million barrels last week, the American Petroleum Institute was said to report Tuesday. That’s less than half the 3.9 million-barrel increase the Energy Information Administration is forecast to report Wednesday, according to a Bloomberg survey. This may be a sign that demand from refineries battered by Hurricane Harvey is coming back to normal.