Oil Climbs to Two-Week High as Saudis, Iran Said to Meet Again
- Iraq sees now as ‘right time’ for OPEC production agreement
- U.S. crude stockpiles fell 6.2 million barrels last week: EIA
Oil Rises as U.S. Inventories Drop
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Oil climbed to a two-week high after rival OPEC members Saudi Arabia and Iran met in Vienna for a second day before the wider group holds talks in Algiers.
Futures rose 2.2 percent in New York. Officials from Saudi Arabia and Iran, whose rivalry derailed an oil supply accord earlier this year, have yet to reach an agreement, a person who was briefed on the discussions said. Oil extended gains as equities advanced and the dollar fell. U.S. crude supplies dropped to the lowest since February, trimming stockpiles that remain at the highest seasonal level in at least three decades, government data showed Wednesday.