BREAKING: Oil Rally Pauses After Report Points to Rising U.S. Stockpiles
(Bloomberg) -- Oil edged lower after closing at an eight-month high as an industry report showing U.S. stockpiles rose last week took some of the wind out of a rally driven by optimism coronavirus vaccines will soon be available.
Futures in New York fell as much as 0.4% in early Asian trading after jumping 4.3% on Tuesday. The American Petroleum Institute (API) reported that crude inventories swelled by 3.8 million barrels, according to people familiar with the data.
That would be the third straight week of rising stockpiles if confirmed by government figures due later on Wednesday. Crude has surged around 25% this month amid positive results for three vaccines for Covid-19.
The triggering of a formal transition process to U.S. President-elect Joe Biden drove a broad financial markets rally on Tuesday, with the S&P 500 Index closing at an all-time high and the Dow Jones Industrial Average topping 30,000 for the first time.
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