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Oil Erases Gains With Industry Report Showing Rising U.S. Supply

  • Fuel use expected to take another hit with outbreaks in China
  • U.S. crude stockpiles rose 2.56 million barrels last week: API
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Photographer: Andrey Rudakov/Bloomberg
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Oil erased its increase after an industry report showed U.S. stockpiles grew last week, heightening concerns over lackluster consumption.

Futures retreated from the settlement price after the American Petroleum Institute was said to report a surprise 2.56 million-barrel build in domestic oil supplies, ahead of U.S. government figures Friday. Crude inventories were expected to have declined last week, according to a Bloomberg survey. The API report also showed builds in refined products.