Oil Closes Near $48 as Iraqi Remark Seen Boosting OPEC Deal Odds
- Iraq’s Al-Abadi says country to participate in OPEC output cut
- U.S. crude stockpiles fell 1.26 million barrels last week: EIA
Oil Glut Here to Stay Despite OPEC: Bob Iaccino
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Oil closed near $48 a barrel in New York after Iraq’s prime minister said the country will participate in an OPEC production reduction.
Iraq will agree to bear part of an oil-output cut at the OPEC meeting next week, Prime Minister Haider Al-Abadi said. Preliminary talks ended Tuesday without a decision on the role of Iraq and Iran in a supply deal. Crude stockpiles fell 1.26 million barrels last week, Energy Information Administration data show. A 1 million barrel gain was forecast by analysts surveyed by Bloomberg.