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Oil edges lower; U.S. crude supply data seen as bearish

Reuters  |  NEW YORK 

By David GaffenNEW YORK (Reuters) - Oil edged lower on Wednesday, after U.S. data showed a smaller-than-expected decline in overall crude inventories coupled with another rise in production, hindering OPEC's efforts to reduce a global surplus of crude.U.S. crude stocks fell 1 million barrels on the week, according to the U.S. Energy Information Administration, a bit less than anticipated. A surprise build in gasoline inventories despite heavier refining activity, along with an increase in U.S. crude production, pushed prices lower.Gasoline stocks posted a counter-seasonal build of 1.5 ...

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First Published: Wed, April 19 2017. 21:20 IST
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