Oil slid for a third day as record U.S. crude stockpiles were seen jeopardizing OPEC’s efforts to drain a global surplus. Futures declined 1.2 percent in New York.
Category: Cushing, OK
Oil Resumes Advance as Report Shows U.S. Crude Stockpiles Drop
Oil resumed gains after the biggest drop in more than a week as industry data showed U.S. crude stockpiles declined, while OPEC and other producing nations trim production to ease a global glut. Futures rose as much as 1 percent in New York after sliding 2.7 percent on Wednesday amid a surge in the dollar.
Oil Drops to One-Month Low on U.S. Supply Outlook, OPEC Concern
Oil fell to a three-week low amid speculation that U.S. crude supply is rising while the market weighs compliance by OPEC and other exporters with promised output curbs. Prices dropped 2.2 percent.
Oil Makes Biggest Annual Gain Since 2009 Before OPEC Supply Cuts
Oil made the biggest annual gain since 2009 as OPEC and other producing nations plan to start supply cuts next month to reduce swelling global inventories. Futures rose 52 percent in London this year after closing little changed on Friday.
Brent Oil Set for First Annual Gain in 4 Years Before OPEC Cuts
Brent oil, the global benchmark, is headed for its first annual advance in four years before supply cuts from OPEC and other producing nations next month intended to stabilize the market and reduce swelling global inventories. Futures added 0.5 percent in London.
Oil Extends Gains as Industry Report Shows U.S. Stockpile Drop
February futures rose as much as 0.9 percent in New York after climbing 0.5 percent on Tuesday. Crude inventories dropped by 4.15 million barrels, the American Petroleum Institute was said to report.