Oil Rally Falters After Price Hits $75 for First Time Since 2014
- API said to report U.S. stockpile drop of 4.51 million barrels
- Calls on Saudi Arabia to ramp up output has limited rally
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Crude barely budged on a report that American stockpiles dropped as traders refrain from placing price bets ahead of a U.S. holiday tomorrow.
Futures traded near their closing price after the industry-funded American Petroleum Institute was said to report crude inventories fell 4.51 million barrels last week, while supplies at Cushing, Oklahoma, shrank by 2.6 million barrels. That would be the seventh straight decline at the key storage hub if Energy Information Administration data confirms it on Thursday. Before settling just 0.3 percent higher, oil surged past $75 for the first time since 2014.