Oil Eases Gains After Exceeding $50 for First Time This Year
- Inventories decline by 4.23 million barrels, EIA data show
- Pre-OPEC meeting didn’t address output freeze, two people say
Brent Tops $50 for First Time in Six Months
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Oil pared earlier gains after touching $50 a barrel for the first time in more than six months as U.S. crude supplies and production declined.
Futures were little changed in New York after earlier climbing to $50.21, the highest price since Oct. 9. Brent crude topped $50 for the first time since November before also erasing gains. U.S. stockpiles shrank more than expected last week, government data showed, while supplies have also been curtailed in Nigeria, Venezuela and Canada.