Oil Dips as Industry Report Shows Swelling Spare U.S. Oil Supply
- Nationwide crude stocks rose 933,000 barrels last week: API
- Gasoline stockpiles increased for a fourth straight week
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Crude slipped after an industry report was said to show an increase in U.S. crude stockpiles.
Futures in New York fell from the settlement Tuesday after the American Petroleum Institute was said to have reported U.S. crude stockpiles expanded by 933,000 barrels last week. If confirmed in a government tally scheduled to be released on Wednesday, inventories will have racked up increases in four of the past five weeks.