Oil Retreats From 17-Month High After Report of U.S. Supply Gain
- API said to report that supply rose 4.2 million barrels
- Iraq, Venezuela to implement production cuts on Jan. 1
What Are the Prospects for OPEC Enforcement?
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Oil futures fell from the highest close in 17 months as an industry report was said to show U.S. crude stockpiles climbed last week.
Futures retreated 45 cents from the close after the American Petroleum Institute said late Tuesday that nationwide crude inventories rose 4.2 million barrels last week, according to a person familiar with the data. Analysts surveyed by Bloomberg project a government report Thursday will show a supply decline. West Texas Intermediate oil settled higher for an eighth straight session, capping the longest stretch of gains in seven years as optimism mounts that major producers will make good on output-cut pledges in January.