Economics
Oil Little Changed as Storage Drawdown Fails to Impress Traders
- U.S. crude, gasoline stocks dropped less than industry tally
- OPEC’s production declined in October from September
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Oil settled near an eight-month high after a closely watched U.S. government report showed smaller-than-expected declines in domestic crude and gasoline stockpiles.
Futures closed down 0.2 percent in New York after earlier topping $55 a barrel for the first time since early January. The government’s tally of oil and gasoline held in U.S. storage tanks failed to register withdrawals as large as those reported by the industry-funded American Petroleum Institute on Tuesday.