Economics
Oil Extends Loss as Industry Data Shows Gasoline Build
- U.S. gasoline supplies rose by the most since March last week
- Nationwide crude stocks fell by 4.08 million barrels: API
Does OPEC Have Any Fight Left in It?
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Oil held on to losses after an industry report was said to show a rise in gasoline supplies.
Prices extended declines in after-market trading following the release of data from the American Petroleum Institute Tuesday, which was said to show U.S. gasoline inventories rose by 4.91 million barrels last week. That would be the largest build since January if Energy Information Administration data released on Wednesday confirms it. U.S. crude inventories fell by 4.08 million barrels last week, the data showed.