(Bloomberg) — Oil dropped toward $41 a barrel in New York after an industry report pointed to a surprise increase in American crude stockpiles, countering optimism over a potential U.S. stimulus agreement.The American Petroleum Institute reported crude inventories climbed by almost 600,000 barrels, according to people familiar with the data. That would be the second gain in three weeks if confirmed by government figures on Wednesday. Futures advanced on Tuesday as U.S. lawmakers moved closer to a package to bolster the economic recovery from the virus-driven downturn.Oil’s recovery is facing pressure from a resurgent coronavirus and expanding supply from Libya, …read more
Source:: Yahoo Finance
