American Petroleum Institute oil industry group

Oil extended its drop to trade near US$32 (S$45.39) a barrel after a U.S. industry report signalled crude inventories swelled for the first time in three weeks, raising fresh concerns about excess supply.

WASHINGTON (Dec 21): US President Barack Obama on Tuesday banned new oil and gas drilling in federal waters in the Atlantic and Arctic Oceans, in a push to leave his stamp on the environment before Republican Donald Trump takes office next month.