Economics
Oil Extends Gain as Industry Said to Report Surprise Crude Draw
- U.S. crude inventories slipped by the most since January
- Panel overseeing OPEC deal sees rebalancing between 2Q and 3Q
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Crude advanced after an industry report was said to show U.S. crude inventories unexpectedly declined last week.
Futures in New York climbed from the settlement Tuesday after the American Petroleum Institute was said to have reported U.S. crude inventories tumbled 2.74 million barrels last week. That would be the largest decline since early January if confirmed by a federal tally scheduled for release on Wednesday. A Bloomberg survey ahead of the government report showed stockpiles probably rose by 3.25 million barrels.