Oil's Losses Shrink After Surprise Drop in Stored U.S. Supplies
- Nationwide crude stocks fell by 4.62 million barrels last week
- American output, exports reach new highs: government report
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Oil erased most of its losses during the session after a larger-than-expected drop in crude stockpiles.
Futures closed down 0.2 percent in New York on Wednesday after earlier shedding as much as 2.3 percent. Surplus supplies held in U.S. tanks fell more than any of the 11 analysts in a Bloomberg survey anticipated. Even as the nationwide tally contracted, inventories at a key pipeline hub in Oklahoma swelled the most since late 2016, exacerbating concerns that supplies may overwhelm demand amid simmering trade tensions between the U.S. and China.