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Oil Extends Loss as Industry Said to Report U.S. Storage Jump

  • WTI crude futures fall as much as 1.6 percent after API report
  • Group said to see U.S. crude stocks up 5.32 million barrels
Inside The Strategic Petroleum Reserve As U.S. Seeks Oil-Reserve Overhaul To Ease Mandatory Drawdowns
Photographer: Luke Sharrett/Bloomberg
Updated on

Oil extended its slide following an industry report that American crude storage surged.

Futures in New York fell as much as 1.6 percent in after-hours trading. After concerns over Middle East tensions lifted crude close to January highs last week, an anticipated build in U.S. stockpiles is keeping a lid on prices ahead of a government report on Wednesday. An American Petroleum Institute tally on Tuesday was said to show a 5.32-million-barrel jump, way higher than expected.