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Oil Falls After Industry Report Shows Surprise U.S. Supply Rise Bloomberg 2/23/2021 Andres Guerra Luz and Alex Longley (Bloomberg) Oil declined in New York after an industry report showed U.S. crude stockpiles rose last week amid a spate of refinery outages from the country’s recent cold snap. The industry-funded American Petroleum Institute was said to report a 1.03 million-barrel build in domestic oil inventories, compared to expectations for a decline. At the same time, U.S. drillers have already restored about 80% of crude production in parts of Texas following the polar blast. “People have been counting on continuous drawdowns, so there will be these surprise builds on occasion,” said Phil Streible, chief market strategist at Blue Line Futures LLC in Chicago.

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