Oil Retreats as U.S. Production Gain Offsets Stockpile Decline
- Crude output climbed 36,000 barrels a day to 9.24 million: EIA
- Supplies fell 2.17 million barrels from record last week
Saudis May Back Extending Oil Output Cuts
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Crude retreated for the first time in seven sessions after a government report showed U.S. production climbed to the highest level in more than a year, offsetting data on declining stockpiles.
Futures ended the longest stretch of gains this year in New York. Crude output climbed for an eighth week, the longest stretch since 2012, according to the U.S. Energy Information Administration. Inventories fell 2.17 million barrels, compared with a 1.5 million barrel drop forecast by analysts surveyed by Bloomberg. Prices rose earlier on reports that Saudi Arabia will support an extension to OPEC-led production curbs.