Oil Falls One-Week Low as Russian Comments Add to Accord Doubts
- Output cuts ‘not an option for us’: IFX cites Russian envoy
- U.S. stockpiles probably rose by 2 million barrels: survey
OPEC's Barkindo Plans Iraq Visit Over Output Plan
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Crude fell to a one-week low as speculation mounts that Russia won’t join OPEC to curb supply and analysts predict U.S. stockpiles climbed.
Futures dropped 1.1 percent in New York. Output cuts aren’t “an option for us,” said Russia’s envoy at OPEC, Vladimir Voronkov, according to Interfax. The producer group has wanted Russia to join it in curbing shipments to support prices. U.S. crude supplies probably rose 2 million barrels last week, a Bloomberg survey showed before Energy Information Administration data Wednesday. Oil came off its lows as the dollar retreated against its peers.