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Oil Slips on Expectations of Swelling U.S. Crude Stockpiles

James Thornhill

(Bloomberg) -- Oil extended losses into a third day after an industry report showed stockpiles rising at a key U.S. oil storage hub.

Futures in New York were down 0.1%, after falling 0.5% on Tuesday. The American Petroleum Institute reported that inventories in Cushing, Oklahoma, rose 1.22 million barrels last week, according to people familiar with the data. The report lined up with similar data earlier in the week from Genscape Inc. that revived concerns about sluggish demand and ample inventories.

The API also reported a 708,000 barrel increase in U.S. total supplies, a 4.7 million-barrel decline in gasoline and a 1.61 million-barrel distillate draw.

To contact the reporter on this story: James Thornhill in Sydney at jthornhill3@bloomberg.net

To contact the editor responsible for this story: Keith Gosman at kgosman@bloomberg.net

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