Economics
Oil Gains Hold as Industry Said to Report Surprise Storage Drop
- U.S. crude inventories drop, while Cushing supplies rise
- Equity rally following Monday’s selloff pushed crude higher
OPEC President Says Russia Has Been 'Great Partner' on Cuts
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Oil clung to its gains following an industry report that U.S. stockpiles unexpectedly shrank.
Futures in New York held close to the settlement Tuesday after the American Petroleum Institute was said to report crude inventories declined 3.28 million barrels last week. But supplies were said to have surged at the key distribution hub of Cushing, Oklahoma. During the session, oil recovered some of Monday’s losses along with equity markets.