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Oil pares losses after U.S. crude stocks fall most since 2016

Reuters  |  NEW YORK 

By Jessica Resnick-AultNEW YORK (Reuters) - Oil futures pared losses briefly Wednesday after U.S. crude inventories fell the most in nearly two years, before trading lower in a volatile session in which supplies from Libya and Iran were expected to increase. U.S. crude stockpiles decreased by nearly 13 million barrels last week, while gasoline inventories also fell and distillate stockpiles rose, the Energy Information Administration said on Wednesday. The decrease was the biggest since Sept. 2, 2016. Crude benchmarks shrugged off the draw."In spite of the extraordinary draw in crude oil ...

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First Published: Wed, July 11 2018. 20:33 IST