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Oil Eases From 3-Month High on Report of Surprise Crude Build

  • API says crude stockpiles rose 4.7 million barrels last week
  • New York-traded crude oil futures touch $61 a barrel earlier
Lubricant Manufacturing At Rock Oil Ltd.'s Factory
Photographer: Chris Ratcliffe/Bloomberg
Updated on

Oil eased gains after an industry report showed surprise builds in U.S. crude and fuel supplies, stoking demand concerns.

Futures edged lower after touching $61 a barrel for the first time in three months. The American Petroleum Institute reported a 4.71 million-barrel rise in crude inventories last week, countering analysts expectations for a draw. U.S. gasoline supplies rose 5.6 million barrels, the industry group said -- more than double what analysts polled by Bloomberg were anticipating.