Oil Extends Losses After Surprise Jump in U.S. Crude Stockpiles
- U.S. crude stockpiles rose 8.73 million barrels last week: API
- West Texas Intermediate crude futures extended losses
Oil pumping jacks operate in an oilfield near Almetyevsk, Tatarstan, Russia.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Oil extended losses after an industry report showed a surprise jump in U.S. crude stockpiles last week.
West Texas Intermediate crude futures fell as much as 3.2% after the close in New York. The industry-funded American Petroleum Institute reported that U.S. crude stockpiles rose 8.73 million barrels last week, according to people familiar with the data. Gasoline supplies also gained 1.12 million barrels, according to the report.