West Texas Intermediate traded below $75 a barrel as U.S. crude inventories increased and investors weighed the likelihood of OPEC reducing its production. Brent was steady in London.
Futures were little changed in New York after three days of losses. Stockpiles in the U.S., the world’s biggest oil consumer, expanded by 2.6 million barrels to 381.1 million last week, the Energy Information Administration reported yesterday. A decline of 1.5 million was projected in a Bloomberg News survey of analysts. The Organization of Petroleum Exporting Countries should trim excess supply and cut its output target, said Samir Kamal, Libya’s governor to the group.