Futures in New York fell as much as 1.1 percent, after losing 3.6 percent in the previous two sessions. U.S. crude stockpiles last week rose to the highest level since December, while gasoline reserves expanded at four times the predicted rate. Meanwhile, data for November showed the shale boom drove U.S. output to a record. U.S. stockpiles of oil stored in tanks and terminals rose by 3.02 million barrels to about 423 million, the fourth increase in five weeks, according to the Energy Information Administration. That compares with a median estimate for a 3 million-barrel gain in a Bloomberg survey. Gasoline inventories expanded by 2.48 million barrels, more than the 600,000-barrel average estimate. Click Read More below for additional information.

Futures advanced 0.9 percent in New York. American crude inventories tumbled by 6.5 million barrels last week, more than double the average estimate in a Bloomberg survey. Exports surged by the most on record as domestic explorers sent cargoes to foreign shores where they fetched higher prices. “Crude inventories are just taking a nose-dive,” Matt Sallee, who helps manage $16 billion in oil-related assets at Tortoise Capital Advisors LLC, said by telephone. The price gap that’s making American oil more attractive to overseas buyers is “supporting pretty robust exports.” Yet, gasoline stockpiles rose for a sixth week and diesel supplies unexpectedly edged higher. Click Read More below for additional information.

Oil prices edged lower Friday, giving up some of the ground made in a recent rally spurred by supply concerns in Venezuela and Iran. The economic crisis in Venezuela is curtailing the country’s oil production, while the planned reinstatement of U.S. sanctions against Iran is expected to hit production from the third-largest member of the Organization of the Petroleum Exporting Countries. Click Read More below for additional information.