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Oil Rises as Stockpiles Fall, OPEC+ Supply Hike Disappoints

  • Ministers to raise output by 648,000 b/d in July, August
  • US domestic crude stockpiles fell 5.06 million barrels: EIA
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WATCH: A new report suggests Saudi Arabia may increase oil production. This comes just ahead of the OPEC+ meeting today. Sharon Cho reports.Source: Bloomberg
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Oil increased as US crude inventories dropped, exacerbating concerns about a tight market after traders expressed doubt that OPEC+ can deliver on its agreement to accelerate the pace of a supply hike. 

West Texas Intermediate rose above $116 a barrel, recovering losses of more than 3% than earlier in the session. US crude stockpiles fell more than 5 million barrels last week, while New York-area gasoline stockpiles fell to the lowest since 2017, according to an Energy Information Administration report Thursday.