Oil Falls After Industry Report Shows Surprise U.S. Supply Rise
- Domestic crude stocks rose 1.03 million barrels last week: API
- Oil output in Permian Basin has rebounded significantly: OilX
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Oil declined in New York after an industry report showed U.S. crude stockpiles rose last week amid a spate of refinery outages from the country’s recent cold snap.
The industry-funded American Petroleum Institute was said to report a 1.03 million-barrel build in domestic oil inventories, compared to expectations for a decline. At the same time, U.S. drillers have already restored about 80% of crude production in parts of Texas following the polar blast.