Economics
Oil Gains as Industry Report Shows Unexpected Cut in U.S. Supply
- Crude stockpiles fell 2.58 million barrels last week: API data
- WTI gains in after-hours tradin; earlier rally had stalled
An oil drilling rig, operated by Tatneft PJSC, stands on an oilfield near Almetyevsk, Tatarstan, Russia.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Crude prices regained momentum after an oil-industry report showed an unexpected drop in U.S. fuel supplies.
Futures in New York climbed almost 1 percent from the close in after-hours trading on Tuesday. The move came after the American Petroleum Institute was said to report domestic crude inventories declined 2.58 million barrels last week, even as analysts had predicted an increase. A 5.85 million-barrel drop in gasoline stores would be the deepest in a year, if confirmed Wednesday by official government figures.