European oil major Royal Dutch Shell on Wednesday urged U.S. oil and gas trade groups to take stronger positions in the fight against climate change under the threat of leaving them.
American petroleum institute
Oil snapped a four-day gain after an industry report showed a large build in U.S. crude and gasoline stockpiles, reviving demand concerns.
Oil extended declines as persistent volatility in global markets prompted caution among traders, even as U.S. inventories reportedly fell.
Oil headed toward its highest close in over a week as industry data was said to show a larger-than-expected drop in U.S. crude stockpiles.