Oil Extends Drop After Report Points To Jump In US Inventories
Fiona HarperOil fell for a second day after an industry report indicated the biggest increase in US inventories in more than three months.
Oil fell for a second day after an industry report indicated the biggest increase in US inventories in more than three months.
West Texas Intermediate held above $60, while Brent settled at more than $64 on Tuesday. US crude inventories rose 6.5 million barrels last week, according to a document from the American Petroleum Institute seen by Bloomberg. That would be the biggest jump since July 25 if confirmed by official data later Wednesday.
Oil declined Tuesday after a global equities rally hit a speed bump and the greenback climbed to the highest in more than five months, weighing on crude and other dollar-denominated commodities. WTI has fallen 16% this year as increased production from OPEC+ and non-member nations amplified concerns over a forming glut, although prices have rebounded somewhat after the US last month announced sanctions on Rosneft PJSC and Lukoil PJSC, Russia's two biggest producers.
