Oil Falls as U.S. Crude Supply Grows, Russia Optimistic on Deal
- U.S. inventories climbed 5.27 million barrels last week: EIA
- Refinery crude demand rises to highest since September
OPEC Expands Push to Secure Production Cut Deal
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Crude fell after a government report showed U.S. supplies rose while Russia’s oil minister expressed optimism that OPEC would reach a deal.
Stockpiles climbed 5.27 million barrels last week, according to the Energy Information Administration. A 1.5 million barrel gain was forecast by analysts surveyed by Bloomberg. Refiners used 16.1 million barrels a day of crude, up 309,000 barrels from a week earlier. Russia is ready to support an OPEC decision to stabilize the market, Energy Minister Alexander Novak said. OPEC ministers are meeting on Nov. 30 to discuss how to implement production cuts.