Oil Slips After Industry Reports Larger Than Expected U.S. Build
- API said to report stockpiles rose 7.83 million barrels
- That would be the most in five weeks if confirmed by EIA
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Oil, which closed at a seven-month low in New York on Tuesday, slipped further after an industry report was said to show a larger-than-expected increase in U.S. crude inventories.
Futures fell after the industry-funded American Petroleum Institute was said to report U.S. crude stockpiles expanded by 7.83 million barrels last week. If confirmed by the Energy Information Administration on Wednesday, that would be the biggest build in five weeks, compared with an average 2 million-barrel increase in a Bloomberg survey of analyst forecasts.