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Oil Falls as Report Signals U.S. Crude Stockpiles on the Rise

  • Price drop deepens on signals of swelling American stockpiles
  • Aramco restoring most refineries to full output after attacks
Fuel Prices At Sahel Gas Station In Saudi Arabia
Photographer: Simon Dawson/Bloomberg
Updated on

Oil extended declines on signals that crude inventories expanded last week in the world’s biggest economy.

Futures dropped as much as 1% in New York late Tuesday after the American Petroleum Institute was said to report a 1.38-million barrel increase in oil stockpiles. That followed a 2.3% price decline during the regular trading session in response to a hardline United Nations speech by President Donald Trump that excoriated China and accused Iran of “menacing behavior.”