Oil futures dipped on Dec. 29 after a surprise build in U.S. crude inventories reversed an advance in prices that had boosted the benchmarks to their highest levels since July 2015.

Oil extended its advance as industry data showed U.S. crude stockpiles declined last week.

Explorers in 2015 discovered only about a tenth as much oil as they have annually on average since 1960. This year, they’ll probably find even less, spurring new fears about their ability to meet future demand.

Mercuria Energy Group has engineered perhaps the most logistically complex trade yet to export U.S. oil since a four-decade ban on sales was lifted.

Oil extended its decline after a government report showed that U.S. crude stockpiles unexpectedly rose last week.

Oil dropped to the lowest close in more than two months as the United States heads to the end of the summer-driving season with ample inventories.

Three years ago July 6, an unattended train carrying crude oil from North Dakota rolled down a hill toward the town of Lac-Megantic, Quebec.

Oil trimmed its biggest weekly decline in three months as investors weighed the largest drop in U.S. output since 2013 and a jump in payrolls against a smaller-than-expected stockpile decline.

NEW YORK — Oil prices surged 4% on June 30, with Brent settling above the psychological $50 a barrel mark, after a larger-than-expected drawdown in U.S. crude inventories.

Oil fell for a fifth consecutive day June 14, heading for the longest run of declines since February, as U.S. industry data showed crude stockpiles expanded, exacerbating an oversupply.