Oil Slips From 5-Month High Amid Ample U.S. Supply, OPEC Doubts
- U.S. crude supply at 86-year high, output at 18-month low: EIA
- Door is open for future production cooperation: Saudi adviser
Oil Trades Near 5-Month High as U.S. Output Falls
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Oil fell from the highest level in almost five months amid rising U.S. crude stockpiles and speculation producers will be unable to agree on an output freeze.
Futures dropped 2.3 percent in New York. Crude supplies rose to 538.6 million barrels last week, the most since 1930, the Energy Information Administration reported Wednesday. Oil surged Wednesday after the EIA said U.S. crude output fell to an 18-month low. Cooperation between producers is still possible, said Saudi Oil Ministry adviser Ibrahim Al-Muhanna.