Oil's rally takes breather as traders turn gaze to stockpiles
BNN Bloomberg
Oil edged lower after capping the longest run of gains in more than four years as OPEC+ leaders extended supply cuts to the end of 2023.
West Texas Intermediate fell toward US$87 a barrel after posting nine daily gains, the longest stretch of advances since January 2019. That surge, which propelled futures into overbought territory, came as Saudi Arabia and Russia pledged to prolong their export curbs through the fourth quarter.
Traders will get an official snapshot of U.S. inventories later Thursday. Ahead of that, the industry-funded American Petroleum Institute reported that crude inventories fell by 5.5 million barrels last week, according to a person familiar with the figures. The breakdown also recorded a drop in oil holdings at the key Cushing, Oklahoma storage hub, as well as a big decline in gasoline stockpiles.
