Oil Rebounds From 6-Week Low on Signs of Easing U.S. Supply Glut

4 May 2017   Prices

 OPEC deepens production cuts in April vs March, survey shows Oil rebounded from a six-week low after a U.S. industry report signaled a supply overhang in the world’s biggest consumer may be easing. Futures in New York rose as much as 1.1 percent after closing at the lowest since March 21 Tuesday. U.S. crude inventories fell by 4.16 million barrels last week and gasoline dropped by 1.93 million, the American Petroleum Institute was said to report Tuesday. OPEC deepened production cuts last month, with overall output dropping by 40,000 barrels a day, according to a Bloomberg News survey. The API figures precede government data that will be released Wednesday, which is forecast to show a drop in crude inventories. Oil has fallen the past two weeks on concern that increasing U.S. output will offset efforts by the Organization of […]

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