Oil Snaps Record Losing Streak as Stronger OPEC Cuts Seen Likely
- OPEC, allies will cut or adjust output as needed: Al Mazrouei
- Technical watch: WTI’s 50-day moving average below 100-day
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Oil rose, ending its 12-day run of declines amid signals that OPEC and allied producers are considering production cuts as soon as next year.
Futures in New York clung to gains Wednesday, even as the industry funded American Petroleum Institute was said to report that U.S. crude stockpiles rose by 8.79 million barrels last week. Meanwhile, OPEC and its partners are said to be discussing a deeper-than-anticipated output cut. Cartel President Suhail Al Mazrouei said Wednesday that supplies will be curtailed as needed to balance the market.