Oil Shrugs Off U.S. Supply Drop as Investors Await OPEC Meeting
- U.S. crude stockpiles fell 4.43 million barrels last week: EIA
- OPEC, non-OPEC committee recommends 9-month cuts extension
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Oil investors shrugged off declining U.S. stockpiles as they held their breath ahead of OPEC’s meeting on Thursday.
Anticipation is building up as OPEC and its allies came one step closer to agreeing to extend their deal after a committee endorsed another nine months of cuts. Futures closed 0.2 percent lower in New York even after the U.S. Energy Information Administration said inventories shrank for a seventh straight week, by more than twice the amount analysts had forecast.