Oil Falls to Two-Week Low as U.S. Supply Gains Offset OPEC Cuts
- Curbs failed to trim stockpiles below 5-year average: Al-Falih
- U.S. production climbs to highest level since August 2015: EIA
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Oil fell to the lowest in more than two weeks in New York as comments from some OPEC producers that the group will extend production cuts were offset by signs of rising supply.
Futures have slipped 5.5 percent this week as U.S. crude output climbed to the highest since August 2015. The first three months of supply curbs have failed to bring inventories below the five-year average, Saudi Arabia’s Energy Minister Khalid Al-Falih said at a conference in Abu Dhabi. Gulf Cooperation Council countries, including Saudi Arabia, agreed to push for an extension of the cuts on Wednesday, Oman Oil Minister Mohammed Al Rumhy said.