WTI Heads for Weekly Drop as OPEC Keeps Output Target Unchanged
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West Texas Intermediate crude headed for a third weekly decline as OPEC kept its production target unchanged for a third consecutive time and after U.S. stockpiles climbed to the most in more than 80 years.
Futures retreated as much as 1 percent in New York. The Organization of Petroleum Exporting Countries maintained its target of 30 million barrels a day, Libya’s OPEC Governor Samir Salem Kamal said today after ministers ended a meeting in Vienna. Saudi Oil Minister Ali al-Naimi said earlier that prices are reasonable and the market situation is excellent. U.S. crude inventories rose 3 million barrels last week to 397.6 million, the highest level since at least 1931, government data showed.