Oil Slides After Industry Report Shows Big U.S. Stockpile Build

API said to report U.S. stockpiles rose 7.29 million barrels
Traders waiting for developments on U.S.-China trade deal

Crude oil storage tanks stand at the oil refinery operated by Saudi Aramco in Ras Tanura, Saudi Arabia, on Monday, Oct. 1, 2018.
Photographer: Simon Dawson

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By Ben Foldy

March 5, 2019 at 12:28 AM UTC

Updated on

March 5, 2019 at 10:21 PM UTC

This article is for subscribers only.

Oil slipped after an industry report showed a bigger-than-expected build in U.S. crude stockpiles.

Futures fell from the settlement after the American Petroleum Institute was said to report that U.S. crude inventories rose by 7.29 million barrels last week. If confirmed by the Energy Information Administration on Wednesday, that would be the biggest weekly build since the middle of January. Analysts surveyed by Bloomberg are expecting a 1.45 million barrel increase.