Oil Slips as Broader Sell-Off Compounds U.S. Fuel Supply Rise
- Gasoline inventories rose by the most since early April
- Dollar surges the most in three weeks, weighing on commodities
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Oil was virtually unchanged as a stronger dollar weighed broadly across commodities, while traders assessed rising fuel stockpiles in the U.S.
Futures in New York lost two cents on Thursday, but still remain on track for a second straight weekly gain. U.S. government data showed domestic gasoline supplies rising by the most since early April, while distillate inventories climbed by nearly 4 million barrels. That’s offsetting back-to-back weekly declines in crude inventories.