West TX Oil Around $74.50 as Markets Await OPEC Signs

Contracts for U.S. crude pared earlier losses to settle down 14 cents at $74.50 after Libya’s representative to OPEC fueled hopes of an output cut, prompting traders to focus on next week’s meeting of the producer group and ignore an unexpected surge in U.S. crude inventories.

Oil prices rose on Wednesday after Libya’s representative to OPEC fueled hopes of an output cut, prompting traders to focus on next week’s meeting of the producer group and ignore an unexpected surge in U.S. crude inventories.

U.S. crude stockpiles rose 2.6 million barrels last week, compared with forecasts of a 800,000-barrel draw, as imports rose to meet demand from refineries hiking runs after seasonal maintenance, data from the Energy Information Administration showed.

CNBC

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