Oil Extends Drop After Industry Report Shows U.S. Supply Build
- Ministers due to resume talks on a production deal on Thursday
- Domestic crude stocks rose 4.15 million barrels last week: API
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Oil extended losses after an industry report showed a surprise build in U.S. crude inventories, adding to concerns over a split within OPEC.
Futures fell toward $44 a barrel in New York after the American Petroleum Institute was said to report a 4.15 million-barrel increase in domestic crude stocks last week, while most market observers expect a decline. The report also showed increases in both gasoline and diesel inventories ahead of U.S. government figures on Wednesday.