Oil Rallies on OPEC Meeting Progress, Decline in U.S. Stockpiles


Oil Rallies on OPEC Meeting Progress, Decline in U.S. Stockpiles

Oil held gains after an industry report showed U.S. crude stockpiles declined in the past week, while OPEC and its allies appeared closer to agreeing a date for a meeting to discuss extending production cuts. Futures in New York were up 0.2%, after surging 3.8% Tuesday — the biggest daily gain in five months.

Venezuela’s oil minister proposed the OPEC+ group meet in Vienna on July 1-2 in a compromise aimed at ending a dispute on the timetable, according to a delegate who asked not to be named. The market extended gains after the American Petroleum Institute report showed U.S. crude inventories fell 812,000 barrels last week, according to people familiar with the matter. Official government data is due Wednesday.

The global demand outlook also looked a little rosier with European Central Bank President Mario Draghi promising additional stimulus if the economy doesn’t start to pick up, while the U.S. and China said their presidents   Read More

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