Oil Dips as Industry Data Shows Surprise U.S. Gasoline Build
Crude dropped after an industry report was said to show a surprise jump in U.S. gasoline inventories.
Futures erased Tuesday’s gains in New York after the American Petroleum Institute was said to report gasoline stockpiles in the world’s largest economy surged by 9.2 million barrels last week. That would be the largest increase since January 2016 if federal government data confirm it on Wednesday. The magnitude of the build overshadowed expectations about shrinking U.S. supplies of stored crude.