Worst Seems Over for Oil as Supply Drops, OPEC Talks Longer Deal
- Supply falls 5.25 million barrels, more than twice forecast
- American crude production rises again to highest since 2015
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Oil climbed for a second day, leaving the worst of last week’s rout behind for now, as U.S. stockpiles fell and two OPEC members said there’s a consensus to extend output cuts.
Futures rose 1.1 percent in New York after surging 3.2 percent on Wednesday, when government data showed a 5.25-million barrel stockpile drop last week. Two members of the Organization of Petroleum Exporting Countries said Thursday there is consensus on extending production curbs for six more months when the group meets May 25. Price gains eased after OPEC boosted forecasts for supplies from rivals this year by 64 percent.