Oil Erases Gains as U.S. Inventories Rise, OPEC Sees Surplus
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Oil gave up gains after a U.S. government report showed U.S. stockpiles increasing and OPEC forecast a global surplus lingering into next year.
Futures in New York were little changed after climbing as much as 1.2% earlier. U.S. crude inventories climbed 2.22 million barrels last week as production rose to a record, according to the Energy Information Administration. Meanwhile, OPEC signaled that oil markets remain on course for a surplus in early 2020, even as delegates said the organization and its allies probably won’t step up efforts to remove the excess when they meet next month.