Oil Gives Back Gains as API Sees Big Jump in U.S. Crude Supply
- Domestic stockpiles said to rise 8.6 million barrels last week
- WTI futures pull back after rally propelled by Saudi attacks
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Oil surrendered some of its gains after an industry report was said to show a big jump in U.S. crude and refined products supplies, undermining talk of a tight market.
Futures were up about 0.5% in late trading after the American Petroleum Institute was said to find an 8.63 million-barrel increase in oil inventories last week, along with swelling gasoline and distillate stocks. Prices had closed the official trading session with a 1.2% gain earlier after reports of two drone attacks on Saudi Arabia’s main pipeline.