Oil Clinches Gain Despite Russia Indecision on OPEC+ Output Cut
- U.S. inventories gained 6 million barrels last week: API
- EIA shaves 23% from global petroleum demand growth forecast
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Oil held gains as investors weighed hopes for a decision by Russia to accept an OPEC+ proposal for production cuts against an increase in American crude stockpiles.
Futures were little changed in New York on Tuesday after the American Petroleum Institute reported that U.S. crude inventories rose 6 million barrels last week, according to people familiar with the data. Energy Minister Alexander Novak said that Moscow is “studying” the OPEC+ output-cut plan after days of hesitation, calling the situation “extremely unstable.” Novak is set to meet with Russia’s oil companies on Wednesday.