Oil traded near the lowest close in almost a week in New York after U.S. inventories surged and Western countries discussed tapping emergency reserves.
West Texas Intermediate futures were little changed after falling 1.8 percent yesterday as an Energy Department report showed crude supplies rose the most since July 2010. The U.S. proposed a release from strategic reserves, French Industry Minister Eric Besson said. A White House official said no decision has been made. There is “no rational reason” for prices at current levels and Saudi Arabia would like to see them fall, the nation’s Oil Minister Ali al-Naimi said.
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Crude oil prices rallied after the Iraqi oil minister said OPEC and its partners were considering extending or even deepening current production cuts.
WTI crude settled at its best level s
Oil is on course for its largest third-quarter gain in 13 years as prices rose on Wednesday after the Iraqi oil minister said that OPEC and its partners are considering extending or deepening output
Short-term disruptions and lower exports from OPEC members offset signs of stronger US oil production to help give crude oil prices a lift early Tuesday.
Crude oil prices have been volatil
Iraq and some other oil producers taking part in global output cuts think they should reduce supply by an additional 1 percent to help re-balance the market, according to Iraqi Oil Minister Jabbar al
Oil prices traded close to five-month highs on Tuesday after fresh data showed key Middle Eastern producers continued to cut supply in line with an OPEC-led deal aimed at ending a crude glut.