Oil retreated for the second day in a row after U.S. crude stockpiles ballooned, casting a shadow over OPEC’s efforts to avert a global glut.
Futures in New York closed 0.6 percent lower on Wednesday after the U.S. Energy Information Administration said domestic oil inventories grew by 7.07 million barrels, exceeding every estimate in a Bloomberg survey. A larger-than-expected draw-down in refined products eased some fears about demand but wasn’t enough to bolster the market.
