(Bloomberg) — Oil extended its drop to trade near $32 a barrel after a U.S. industry report signaled crude inventories swelled for the first time in three weeks, raising fresh concerns about excess supply.
Futures fell 2.7% in New York, putting the market on track for its first back-to-back daily decline in three weeks. The American Petroleum Institute reported that stockpiles expanded by 8.73 million barrels last week, according to people familiar with the data. If confirmed by government figures on Thursday, it would be the biggest increase this year.
Oil’s rally started to falter Wednesday after Moscow signaled that