Oil Declines After Report Points to Increasing U.S. Stockpiles

(Bloomberg) — Oil retreated back below $39 a barrel after an industry report pointed to a bigger-than-expected increase in U.S. crude stockpiles, offsetting supply disruptions from Hurricane Zeta.The American Petroleum Institute reported crude inventories expanded by 4.58 million barrels last week, while gasoline stockpiles rose for a second straight week, according to people familiar with the data. Official government figures are due Wednesday. A stronger U.S. dollar is also having an impact, making commodities priced in the currency less appealing to investors.Oil rallied on Tuesday after almost half of U.S. Gulf output was shuttered ahead of Zeta, which is expected …read more

Source:: Yahoo Finance


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