Crude Pushes Higher After Report Shows Gasoline Stocks Decline
- API said to see large decline in American fuel stockpiles
- Key leaders to gather at G-20 event ahead of OPEC meeting
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Oil rose after a U.S. industry report signaled a shrinking gasoline surplus, despite uncertainty over OPEC’s appetite for production cuts.
Futures rose 0.9 percent at 4:50 p.m. New York time on Tuesday after dipping close to a 13-month low in earlier trading. The industry-backed American Petroleum Institute was said to report U.S. gasoline inventories fell by 2.6 million barrels last week, even as oil stockpiles rose for a 10th straight week, according to people familiar with the data.