Oil Pares Losses as Industry Report Shows Falling U.S. Supplies
- Domestic crude inventories tumbled 7.2 million barrels: API
- Russia considers proposing an OPEC+ output increase: officials
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Oil pared losses after an industry report showed a decline in U.S. crude supplies.
The industry-funded American Petroleum Institute was said to report domestic crude inventories fell 7.2 million barrels last week, according to people familiar with the data. That would be a fifth straight weekly decline if the U.S. government confirms the data on Wednesday.