Economics
Oil Rises as OPEC Mulls Output-Cut Extension, Refiners Recover
- OPEC and its allies may prolong supply cuts beyond mid-2018
- Crude processors boost operating rates at plants after Harvey
Osmar Abib: No Near-Term Oil Stockpile Reduction
This article is for subscribers only.
Oil edged higher as OPEC was said to be considering an extension of production caps beyond their March expiration and U.S. crude refiners accelerated their post-hurricane recovery.
Futures climbed 0.3 percent in New York. The Organization of Petroleum Exporting Countries and its allies may keep output cuts in place well into the second half of next year, according to people familiar with the matter. U.S. refineries hobbled by Hurricane Harvey are gradually resuming normal operations, though the American Petroleum Institute was said to report that, as many were shut last week, U.S. crude inventories climbed by 6.18 million barrels and gasoline supplies slid by 7.9 million barrels.