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Oil Hits One-Week High After OPEC+ Hints at Delay to Output Hike

  • U.S. crude stocks fell 8.01 million barrels last week: API
  • Algeria says Russia, Saudi pressing for OPEC cuts extension
Siberian Oil Giant That Bankrolled Soviets May Gush Cash Again
Photographer: Andrey Rudakov/Bloomberg
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Oil rose to the highest in a week alongside a broad market rally, drawing support from signs that OPEC+ may delay a planned output increase as well as expectations for a drop in U.S. crude supplies.

U.S. benchmark crude futures extended gains after posting a 2.3% gain on the day after the industry-funded American Petroleum Institute was said to report an over 8-million-barrel decline in crude stockpiles last week. The market also took its cue from stronger equities as millions of Americans headed to vote on election day, while a weakening dollar helped boost the appeal for commodities priced in the currency.