Oil Slips as Industry Report Said to Show Surprise Storage Build
- U.S. crude stockpiles increased by 1.82 million barrels: API
- OPEC is said to support extension, awaits Russia commitment
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Oil extended its drop after an industry report was said to show a surprise increase in U.S. crude stockpiles.
Futures edged lower from the settlement in New York after the American Petroleum Institute was said to report U.S. oil inventories rose by 1.82 million barrels last week. That conflicted with the 2.95 million-barrel decline expected in a Bloomberg survey before the Energy Information Administration releases its tally on Wednesday.