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Oil Slips After Industry Data Shows U.S. Supplies Building Up

  • Domestic crude inventories rose 4.85 million barrels: API
  • Analysts had been expecting a 1 million-barrel decline
Updated on

Crude slipped after an industry report showed U.S. oil inventories swelling further.

Futures edged lower from the settlement in New York after the industry-funded American Petroleum Institute said crude stockpiles increased 4.85 million barrels last week, according to people familiar with the data. Analysts had forecast a 1 million-barrel decline in oil supplies, according to a Bloomberg survey.