Oil Drops as Industry Data Show U.S. Gasoline Stockpiles Grew
Futures dropped 1.3 percent in New York after rising 0.3 percent on Tuesday. Motor-fuel inventories climbed by 9.2 million barrels last week, the American Petroleum Institute was said to report. That would be the biggest gain since January 2016 if replicated in government data due later on Wednesday. Nationwide crude stockpiles declined, according to the API data. “This bears all the hallmarks of a year-end lull in U.S. fuel demand, which in turn should help safeguard the current bout of range-bound trading,” said Stephen Brennock, an analyst at PVM Oil Associates Ltd. in London. Click Read More below for additional information.