Oil Extends Slide Below $32 on Signs U.S. Stockpiles Swelled

By Sharon Cho and James Thornhill
May 28, 2020, 1:16 AM GMT+3 Updated on May 28, 2020,

Inventories rose by almost 9 million barrels last week: API WTI crude futures decline 3.8%; poised for second daily loss

Oil extended its drop to trade below $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 3.8% 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.