Oil Pares Fall After API Said to Report U.S. Crude Supply Drop
- API said to report American supplies declined 884,000 barrels
- OPEC needs to extend output cuts beyond six months: Total CEO
Hans Redeker Sees Oil Production Driving U.S. Dollar
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Oil pared declines after an industry report was said to show that U.S. crude inventories shrank.
Stockpiles fell 884,000 barrels last week according to an American Petroleum Institute report Wednesday, people familiar with the data said. That contrasted with analysts surveyed by Bloomberg who said supplies probably rose by 3.25 million barrels ahead of Energy Information Administration data Thursday. OPEC must prolong output curbs beyond six months to have a significant impact on bloated world stockpiles, said Total SA Chief Executive Officer Patrick Pouyanne.