Oil Rises With Strength in Equities Countering Higher Stockpiles

Oil Rises With Strength in Equities Countering Higher Stockpiles

(Bloomberg) -- Oil fell after a surprise build in U.S. stockpiles and as investors weighed the impact on demand from the rapid spread of the delta variant.

West Texas Intermediate retreated 0.4%, resuming declines after an advance on Tuesday. The American Petroleum Institute was said to report an 806,000 barrel gain in U.S. crude inventories, according to people familiar with the figures. The climb would be first since May, if it is confirmed by the Energy Information Administration later on Wednesday. Ahead of that official release, a Bloomberg survey showed that market watchers expect another drop.