Futures Movers: Oil tumbles further in wake of API reading showing jump in U.S. supply

Oil futures fell another 1% early Wednesday, extending the previous session’s losses after the American Petroleum Institute’s reading of weekly U.S. inventories showed a surprising build in both crude oil and gasoline.

December light, sweet crude CLZ7, -1.10%  on the New York Mercantile Exchange was recently down, 62 cents, or 1.1%, at $55.13 a barrel in the Globex training session. January Brent LCOJ8, -1.13%   fell 75 cents, or 1.2%, to $61.42.

The slide could extend further if the official Energy Information Administration data, due later Wednesday, confirm API’s bearish inventory reading.

Prices are still hovering near two-year highs on optimism about a possible extension of a production cut agreement led by the Organization of the Petroleum Exporting Countries. However, investors are worried that oil rigs in the U.S. will increase their capacity and embark on new drilling, which could add fresh supply to the market.

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