Oil Makes Biggest Annual Gain Since 2009 Before OPEC Supply Cuts
- OPEC, non-OPEC countries to start reducing output from January
- U.S. crude inventories increase by 614,000 barrels: EIA report
This article is for subscribers only.
Oil made the biggest annual gain since 2009 as OPEC and other producing nations plan to start supply cuts next month to reduce swelling global inventories.
Futures rose 52 percent in London this year after closing little changed on Friday. U.S. crude inventories unexpectedly expanded for a second week with a gain of 614,000 barrels last week, the Energy Information Administration reported Thursday. U.S. drillers expanded for a ninth-straight week, boosting active oil rigs to 525, according to data from Baker Hughes Inc. Friday. Shale drillers have added 100 rigs since September, the biggest three-month gain since the boom times of first-quarter 2014.