Oil Extends Losses After Report Shows Rise in U.S. Crude Build
- U.S. inventories gained 4.18 million barrels last week: API
- WTI falls below $50 a barrel as markets await OPEC+ response
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Oil declined after an industry report showed a rise in U.S. crude stockpiles, deepening losses after closing below $50 a barrel for the first time in a year amid fears the lethal coronavirus will imperil crude demand.
Futures fell 1.5% in New York Tuesday after the American Petroleum Institute reported that U.S. crude inventories rose 4.18 million barrels last week, according to people familiar with the data. The rise intensified fears of a supply glut that has rattled investors with demand uncertainty stemming from China’s coronavirus outbreak.