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Oil Falls After Smaller-Than-Projected U.S. Crude Supply Decline

Oil retreated after a government report showed U.S. crude stockpiles dropped by less than expected.

Crude supplies fell 2.22 million barrels in the week ended July 1, Energy Information Administration data show. Analysts surveyed by Bloomberg had forecast the EIA would report a 2.5 million decline. The industry-funded American Petroleum Institute said inventories dropped by 6.7 million barrels. Crude production slipped to the lowest level since May 2014.

Read more: http://www.bloomberg.com/news/articles/2016-07-06/oil-rises-a-second-day-as-u-s-crude-stockpile-seen-declining