The API - American Petroleum Institute said Tuesday that crude inventories rose by 4.8 million barrels in the latest week, compared with expectations for a decline of 1.6 million barrels. WTI Crude is $64.64; Brent is $69.86 this morning.
Optimism grows over reducing the global glut of oil with weekly supply data just ahead. Demand growth comes at a time of supply curbs by OPEC, Russia, and other producers, beginning in January 2018. WTI Crude is $63.76; Brent is $69.23 this morning.
OPEC and Russia have signaled their intent to cooperate on oil supply beyond the current deal terms to support the market into 2019. WTI Crude is $63.31; Brent is $68.45 this morning.
Oil prices decline but remain well supported. Growth in U.S. production and gains in Canada and Brazil outweigh potentially steep declines in Venezuela and Mexico. WTI Crude is $63.18; Brent is $68.49 this morning.
OPEC and its partners meet this weekend to review their strategy for clearing the global oil glut. Oil ministers from the cartel insist there’s no need to alter the course and will stick with their plan to restrain output for the rest of the year. WTI Crude is $64.06; Brent is $69.39 this morning.
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