Oil holds losses as report points to expanding US stockpiles

Oil held losses near $64 a barrel in early Asian trading after an industry report pointed to a third weekly increase in U.S. crude stockpiles.

Futures in New York have lost more than 3% over the past two sessions in a volatile start to the week that included a brief surge to an October 2018 high. The American Petroleum Institute reported crude inventories expanded by almost 13 million barrels last week, according to people familiar with the data.

While prices have dipped this week, crude is expected to resume its upward trend, which may encourage more activity from U.S. drillers. Production across American shale patches next year is expected to climb to the highest since 2019, according to a government report.