Crude prices edge up, buoyed by hopes that OPEC and its allies will strike a production cut agreement
Thursday’s videoconference meeting between the Organization of the Petroleum Exporting Countries and allies including Russia was expected to be more successful than their gathering in March, which ended in a failure to extend supply cuts and a price war between Saudi Arabia and Russia.
U.S. crude inventories rose 15.2 million barrels in the week, as refiners slashed runs and the storage hub at Cushing filled more quickly than expected, the U.S. Energy Information Administration said in a weekly report on Wednesday.“There are multiple bad angles: Refining utilization. Crude stockpiles. Cushing is crazy - that’s a gigantic number,” said Bob Yawger, director of energy futures at Mizuho in New York.
FILE PHOTO: A maze of crude oil pipes and valves pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S., June 9, 2016. REUTERS/Richard Carson/File Photo
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