Oil Rises Second Day as OPEC Cuts Seen Bringing Stockpiles Lower
- U.S. explorers added rigs at the slowest pace this year
- OPEC and allies agreed to prolong curbs for nine months
Tom Petrie Sees Demand Pickup Bolstering OPEC Cut
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Oil rose on expectations OPEC will succeed in bringing down inventories as the summer driving season kicks off in the U.S.
Futures climbed for a second session in New York after an OPEC-led deal to extend output limits through March was initially met with a selloff last week as deeper cuts or a plan for the rest of 2018 weren’t proposed. But Saudi Arabia’s Energy Minister Khalid Al-Falih said the strategy is working and stockpiles will drop faster in the third quarter. Many expect the driving season that’s starting with the Memorial Day holiday to help ease the glut.