Oil Declines as Spare U.S. Supplies Menace OPEC's Anti-Glut Plan
- Despite OPEC assurances, market wary of U.S. output growth
- Traders awaiting key weekly government tally of inventories
OMV Sees 2018 Average Brent Oil Price at $60 a Barrel
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Oil in New York dipped on concern that expanding U.S. stockpiles knocked the steam out of OPEC’s cuts for another week.
Futures fell 0.7 percent in late trading on Wednesday. Storage in American tanks and terminals probably increased by 2.9 million barrels last week, according to a Bloomberg survey. If a government report on Thursday confirms that, it would be the fourth straight weekly gain, the longest expansion since the first quarter of 2017. An American Petroleum Institute report, said to show a 907,000-barrel decline, wasn’t enough to dispel the concerns.