Oil Eases Off 2014 High With Modest U.S. Crude Supply Increase

Oil’s rally faltered after U.S. crude stockpiles rose modestly amid renewed pledges from President Joe Biden to try to curb prices.

Futures in New York edged lower, closing below $87 a barrel. Domestic crude stockpiles rose last week for the first time in eight weeks, according to an Energy Information Administration report. Despite the mixed picture on overall inventory figures, U.S. demand shows signs of still running hot. The total volume of oil products supplied to the market was the highest for the time of year in at least 30 years.