Oil Edges Up as OPEC+ Expects Tighter Market This Quarter
- Supply from outside OPEC+ lower than previously expected
- Cushing supplies fell another 1.81 million barrels: traders
Photographer: Daniel Acker/Bloomberg
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Oil eked out a gain with OPEC and its allies expecting a tighter global oil market in the fourth quarter.
Futures in New York closed higher by 0.2% on Thursday, erasing earlier losses. World oil inventories will decline by an average of 1.1 million barrels a day in the fourth quarter, according to a person familiar with preliminary figures evaluated by the OPEC+ Joint Technical Committee. That compares with a forecast reduction of 670,000 barrels a day. Fuel demand will be slightly higher and supply from outside OPEC+ a little lower than previously anticipated, the data show.