Oil Rises to 1-Month High as OPEC Cuts Weighed Against U.S. Glut
- U.S. output gains seventh week, stockpiles rise to record: EIA
- U.K., Canada oil production halts helped bolster futures
U.S. Crude Stockpiles Are at a Record High
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Crude advanced to a one-month high as investors weighed record U.S. stockpiles against OPEC-led efforts to reduce the global oversupply.
Futures climbed 1.1 percent in New York. American crude output rose for a seventh week and supplies expanded, government data showed Wednesday. Refineries utilized the most capacity since January. Prices rallied above $50 a barrel a week ago after some OPEC countries supported a possible extension of their six-month deal trimming output. Disruptions at Canada’s second-biggest oil sands upgrader has curbed some supplies.