Oil Closes Near $53 as Record U.S. Supply Counters OPEC Cuts

16 Feb 2017   Prices

Oil closed near $53 a barrel as record U.S. inventories tempered the impact of OPEC’s production cuts. American crude supplies climbed 9.53 million barrels to 518.1 million, the highest level in weekly data going back to 1982 and more than twice the 3.5 million-barrel gain forecast by analysts surveyed by Bloomberg before a government report Wednesday. Gasoline stockpiles also rose to a record, while refinery oil demand slipped as seasonal maintenance was performed. Saudi Arabia told OPEC that it cut output last month by the most in eight years, more than it pledged under a deal to curb supply, the group’s monthly market report on Monday showed. Oil has traded above $50 a barrel since the Organization of Petroleum Exporting Countries and 11 other countries started trimming supply on Jan. 1. OPEC’s secondary source estimates indicate that the 11 members subject to the accord are achieving more than 90 […]

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