Futures in New York dropped 0.7 percent after earlier gaining as much as 1.3 percent. American Petroleum Institute data Tuesday showed an unexpected decrease in U.S. stockpiles, while on Wednesday U.S. equity futures fell and the dollar rose. Investors are watching whether government inventory data confirms a decline when released later.
The API was said to report U.S. crude stockpiles slid 1.05 million barrels last week, with storage also shrinking at tanks in the key hub of Cushing, Oklahoma. That compares with a forecast of nationwide inventories rising by 3.15 million barrels in a Bloomberg survey.
more at: https://www.bloomberg.com/news/articles/2018-02-07/oil-rebounds-as-industry-data-shows-surprise-u-s-inventory-drop