Oil Claws Back Early Loss on Shrinking U.S. Petroleum Stockpiles
- Domestic crude stocks fell by 3.82 million barrels last week
- Distillate inventories tumbled by the most since 2003
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Oil recovered from early losses as shrinking American crude and refined product stockpiles offset signs that the fragile demand recovery is under threat.
Futures in New York ended the session little changed just under $41 a barrel after earlier falling as much as 4.4%. The Energy Information Administration reported a decline in U.S. crude and gasoline inventories as well as a 7.25-million-barrel draw in distillate supplies, the most since 2003, providing optimism around a tightening supply picture.