Oil Pares Losses as Industry Data Showed Unexpected Crude Draw
- Crude stockpiles slipped by 761,000 barrels last week: API
- Distillate stocks fell, while gasoline supplies rose
Oil Traders Prep for End of 'Lower for Longer' Era
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Oil pared losses after an industry report was said to have shown an unexpected decline in crude inventories.
Prices were little changed in post-settlement trading after the American Petroleum Institute was said to report on Tuesday that U.S. crude stockpiles slid by 761,000 barrels last week. That would be the first draw since August if confirmed in Energy Information Administration data scheduled to be released on Wednesday. Analysts in a Bloomberg survey were bracing for a 3.1 million-barrel increase in the stockpiles.