Oil Rises on Plan for Output Meeting, Smaller Stockpile Gain
- Some OPEC members, other producers to meet April 17 in Qatar
- Gains accelerated after the Fed left rates unchanged
Oil's Green Shoots Fuel Rebalancing Process: Currie
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Oil climbed the most in three weeks after some OPEC members agreed to meet with other producers in April for talks on capping production, while U.S. crude stockpiles increased by less than anticipated.
Futures rose 5.8 percent in New York. The oil exporting countries plan to meet on April 17 in Doha to discuss a plan to freeze output, Qatar’s energy minister said. U.S. crude supplies advanced 1.32 million barrels last week, according to government data, less than half the 3.2 million barrels projected by analysts in a Bloomberg survey. Prices surged after the Federal Reserve kept borrowing costs steady and scaled back forecasts of how high rates will go this year.