Oil Holds Gains After Industry Data Shows Cushing Supply Decline
- Cushing stockpiles fell 3.73 million barrels last week: API
- Timespreads have strengthened on drawdowns at Cushing hub
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Oil clung to gains after an industry-funded report showed another stockpile decline at the Cushing, Oklahoma, storage hub, with supply levels already at the lowest since 2018.
U.S. crude futures rose 1.1% on Tuesday, holding at the highest since 2014. The industry-funded American Petroleum Institute reported crude supplies at Cushing fell 3.73 million barrels last week, according to people familiar with the data. That would be the largest decline since January if confirmed by U.S. government data on Wednesday.