Oil Bounces Back as OPEC Sees Potential for Outside Supply Cuts
- Cushing supply fell 1.18 million barrels last week, API says
- WTI crude futures rise 0.6% after falling 1.1% earlier
Donald Trump at an Economic Club of New York event in New York on Nov. 12.
Photographer: Demetrius Freeman/BloombergThis article is for subscribers only.
Oil advanced for the first time in three days after a report that OPEC sees a potential reduction in supply from outside of the group.
Futures rose as much as 1.3% in New York Wednesday after the American Petroleum Institute reported that U.S. stockpiles fell 541,000 barrels last week, according to people familiar. Apart from a “sharp” cut in projected output from non-member countries next year, the Organization of Petroleum Exporting Countries also sees a possible “upswing” in the forecast for demand growth, according to Secretary-General Mohammad Barkindo. The comments underscore a more upbeat outlook for the oil market into the new year.