Skip to content
Subscriber Only

Oil Drops as U.S. Stockpiles Report Stokes Fears of Supply Glut

  • American inventories rose 3.55 million barrels last week: API
  • WTI drops as much as 1.2% after closing up 0.4% on Tuesday

Oil resumed declines as an industry report signaling a surprise jump in U.S. crude inventories stirred fears of a supply glut at a time when trade wars are jeopardizing the global demand outlook.

Futures in New York dropped as much as 1.2% after closing up 0.4% on Tuesday following a four-day drop. The American Petroleum Institute reported U.S. crude stockpiles rose by 3.55 million barrels last week, according to people familiar with the data. That compares with the median estimate in a Bloomberg survey for a 2 million barrel decline.