Oil Pares Gain After Crude, Fuel Supplies Rise in Industry Data
- Iraq has already reduced production by 180,000 barrels a day
- Trump takes steps to advance Keystone XL, Dakota Access lines
Weinberg: OPEC Cuts Won’t Debt Global Inventories
This article is for subscribers only.
Oil gains eased in New York after an industry report that U.S. crude and fuel stockpiles climbed last week.
Crude supplies rose 2.93 million barrels, the American Petroleum Institute was said to report. Futures lost about 27 cents per barrel from the close after the release of the data. Iraq has trimmed supply by 180,000 barrels a day and will cut a further 30,000 a day by the end of the month, Oil Minister Jabbar Al-Luaibi said. President Donald Trump took steps to advance construction of the Keystone XL and Dakota Access oil pipelines while foreshadowing a "renegotiation" of terms.