Oil Falls as Supply Surges at U.S. Hub, OPEC’s Position on Curbs
- OPEC said to accept natural decline as part of non-member cuts
- Cushing, Oklahoma, stockpiles rose 3.78 million barrels: EIA
Oil Market Contemplates OPEC, Non-OPEC Production
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Oil dropped after a report showed crude supplies at Cushing, Oklahoma, the biggest U.S. storage hub climbed the most since January 2009.
West Texas Intermediate futures decreased 2.3 percent. Stockpiles at Cushing, which is the delivery point for WTI, rose by 3.78 million barrels last week. OPEC will accept natural output declines as part of the 600,000-barrel-a day reduction agreed with non-members, rather than insist they intentionally cut, three officials familiar with the matter said. OPEC and non-OPEC producers are scheduled to meet later this week to discuss output cuts.