Economics
Oil Holds Above $65 as Industry Tally Said to Find Surprise Jump
- U.S. crude stocks rose 1.76 million barrels last week: API
- Brent crude advances to the highest level since 2014
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Crude’s biggest daily advance in eight months was crimped after an oil-industry report was said to show a surprise addition in surplus U.S supplies.
Futures in New York ticked lower from the settlement Tuesday after the American Petroleum Institute was said to report crude inventories unexpectedly increased by 1.76 million barrels last week. That contrasted with a Bloomberg survey forecasting a 1.25 million-barrel decrease. The federal government is scheduled to release its tally on Wednesday.