Oil Gains as OPEC Fails to Agree Quotas; U.S. Supplies Decline
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Oil rose for a third day in New York on speculation that OPEC’s failure to reach an agreement on output targets for the first time in at least 20 years may limit supply as U.S. inventories fell more than analysts forecast.
Futures gained as much as 1 percent after climbing 1.7 percent yesterday. The Organization of Petroleum Exporting Countries will maintain its current output for now, said Mohammad Aliabadi, the acting Iranian oil minister and OPEC president. A U.S. government report showed crude supplies dropped the most since December.