Oil Rises to One-Month High as OPEC Poised to Extend Output Cuts
- Nationwide supplies fell 1.5 million barrels last week: API
- Iraq earlier backed proposal to extend curbs for nine months
This article is for subscribers only.
Oil climbed to a one-month high as OPEC is set to extend production curbs and U.S. stockpiles decline.
Futures advanced a fifth day after Iraq backed an extension of the cuts into 2018, adding to growing support for the Saudi-Russian proposal. Meanwhile, American supplies fell 1.5 million barrels last week, the American Petroleum Institute was said to report.