Oil Holds Gains as U.S. Crude Stockpiles Seen Extending Decline

10 May 2017   Prices

Nationwide supplies forecast to drop by 2 million barrels OPEC ministers said to have discussed deeper supply cuts Oil held gains before government data forecast to show U.S. crude stockpiles fell for a fifth week, further reducing an inventory surplus. Futures were little changed in New York, having recovered 6.3 percent since slumping to a five-month low on May 5. Stockpiles probably dropped by 2 million barrels last week, according to a Bloomberg survey before Energy Information Administration data Wednesday. In addition to the potential extension of the OPEC agreement into 2018 , some ministers have also discussed the possibility of deepening their output cuts, said four delegates. Oil capped a third weekly decline on Friday after dropping to levels last seen before the Organization of Petroleum Exporting Countries agreed in November to reduce output. While Goldman Sachs Group Inc. and Citigroup Inc. see the market tightening and say […]

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