(Bloomberg) — Oil retreated toward $38 a barrel after a U.S. industry report signaled a surprise jump in crude inventories, raising fresh concerns about excess supply.Futures dropped 1.9% in New York, erasing almost all of the gains from the previous session. The American Petroleum Institute reported that stockpiles expanded by 8.42 million barrels last week, according to people familiar with the data. If confirmed by government figures on Wednesday, it would be the largest build since the end of April.Oil is still recovering from the virus-driven demand crash that pushed crude below zero in April as supply cuts trim oversupply …read more
Source:: Yahoo Finance
