(Bloomberg) -- Oil edged higher after a two-day decline as an industry report pointed to shrinking U.S. crude and gasoline stockpiles.
Futures in New York inched toward $90 a barrel after falling 3.2% over the past two sessions. The American Petroleum Institute reported another drop at the key storage hub of Cushing, while signaling that nationwide inventories shrunk by 2 million barrels, according to people familiar with the data. Official figures from the Energy Information Administration are due late Wednesday.
Oil’s scorching rally has taken a breather this week after a run of seven weekly gains propelled prices to the highest level since 2014. The advance has been underpinned by stronger than expected demand and supply outages, with geopolitical tensions adding an additional risk premium to the price.
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U.S. gasoline stockpiles fell by about 1.14 million barrels last week, the API said. The EIA is expected to report that nationwide crude inventories rose by 1.5 million barrels, according to the median estimate in a Bloomberg survey.
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