Oil Fluctuates as U.S. Stockpiles Climb Before OPEC Meets
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Oil fluctuated after a industry report showed stockpiles rising in the U.S., the world’s biggest crude consumer, and as OPEC delegates gathered in Vienna to decide the group’s production quota.
Futures were little changed after gaining for the first time in six days yesterday. Crude inventories increased by 4.27 million barrels last week, the most since August, data from the American Petroleum Institute showed. An Energy Department report today may show supplies shrank by 2.5 million barrels, according to a Bloomberg News survey. Most members of the Organization of Petroleum Exporting Countries have signaled they’ll keep the output target unchanged at 30 million barrels a day.