LONDON (Bloomberg) -- Oil extended declines as persistent volatility in global markets prompted caution among traders, even as U.S. inventories reportedly fell.
Futures dropped as much as 0.8% in New York, briefly slipping below $63/bbl for the first time in more than two weeks. Prices earlier rose after data from the American Petroleum Institute showed an unexpected drop in stockpiles. Investors are watching whether the government confirms that decline when data are released later Wednesday.
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