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Oil Stumbles as Crude and Gasoline Declines Dash Expectations

  • U.S. inventories fell by 1.4 million barrels last week: EIA
  • Stock draws show tightening market but fall below API forecast
Texas Oil Fields As U.S. Flexes Refining Muscles
Photographer: Luke Sharrett/Bloomberg
Updated on

Oil lost ground after government data showed U.S. crude and gasoline supplies shrinking less than forecast by an industry report.

Futures in New York closed down 0.5 percent Thursday after the Energy Information Administration said American oil stockpiles shrank for the first time in four weeks. Gasoline stocks fell as well, but both declines were below American Petroleum Institute estimates that had lifted the market earlier.