Oil Holds Gains After Report Points to Shrinking U.S. Stockpiles

(Bloomberg) — Oil held gains near $41 a barrel after an industry report pointed to a sharper-than-expected drop in American crude stockpiles.Futures in New York edged lower after gaining 2.1% Wednesday. U.S. inventories fell by 5.42 million barrels last week, the American Petroleum Institute reported, according to people familiar with the data. That would be the biggest weekly drop since August if confirmed by government figures due Thursday. The report also showed declines in gasoline and distillate stockpiles.Crude managed to rise even after U.S. Treasury Secretary Steven Mnuchin said getting a fiscal stimulus deal before next month’s election would be …read more

Source:: Yahoo Finance


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