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Oil Pares Gains on Expectations of Rising U.S. Crude Supplies

  • U.S. crude stocks rose 4.58 million barrels last week: API
  • Zeta forces over 49% of Gulf of Mexico’s oil output to be shut
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Photographer: Andrey Rudakov/Bloomberg
Updated on

Oil pared gains as expectations for a build in U.S. crude and gasoline inventories offset supply disruptions from Tropical Storm Zeta.

Futures in New York retreated below $39 a barrel after the industry-funded American Petroleum Institute reported a 4.58-million-barrel build in U.S. crude inventories last week, according to people familiar. The report also showed gasoline stockpiles rose by more than 2 million barrels.