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(Bloomberg) -- Oil clung to gains as a disagreement between Iraq and Kurdish officials curtailed exports and fears of a banking meltdown receded.Most Read from BloombergFBI Releases Files on Ivana TrumpSchwab’s $7 Trillion Empire Built on Low Rates Is Showing CracksBanks in France Face More Than $1.1 Billion Fines After RaidsMarkets Are Wrong on US Rate-Cut Bets, BlackRock Says$52 Billion Chipmaking Plan Is Racing Toward FailureWest Texas Intermediate edged forward Tuesday and has recovered almo
U.S. crude oil and gasoline stockpiles showed big weekly declines last week while inventories of distillates registered a rise, petroleum industry group API said in a report Tuesday that is likely to be matched to some extent by forthcoming government data. U.S. crude inventories fell by 6.076 million barrels during the week ended March 24, the API, or American Petroleum Institute, said. The U.S. government’s Energy Information Administration, or EIA, is scheduled to provide an update on Wednesday of where crude stockpiles stood at the close of business on March 24.
Crude prices rose for a second day in a row since the start of this week, settling up about half a percent or so on Tuesday to add to the previous day’s 5% surge, as Senate testimony by the Federal Reserve’s supervisory chief Michael Barr did not expand on contagion worries about the U.S. banking crisis unearthed three weeks ago. In a two-hour appearance before a Senate panel on banking, Barr stuck to the inadequacy in risk mismanagement and other “safe” practices at Silicon Valley Bank that led to billions of dollars in customer deposit withdrawals from the California-based lender and at least two other banks that triggered the crisis. If traders were waiting to hear about contagion from the Silicon Valley fallout, they did not get such headlines — from Barr, at least.