Oil Dips After Industry Reports Rising U.S. Crude Stockpiles
- API said to estimate stocks up 4.17 million barrels last week
- OPEC+ stops short of giving firm recommendation on output hike
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Oil pared gains after an industry report showed growing U.S. crude supplies, adding to uncertainty over the OPEC+ alliance’s output plans for next year.
Futures dipped after settling 0.2% higher in New York. The industry-funded American Petroleum Institute was said to report domestic crude stocks rose 4.17 million barrels last week, while gasoline supplies also increased. Meanwhile, demand is likely to suffer from measures to contain the Covid-19 pandemic this winter.