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Oil higher as OPEC cuts hold sway over U.S. stockpile build-up

Published 02/02/2017, 08:35 AM

Investing.com - Oil turned higher Thursday as OPEC compliance with output cuts held sway over a larger-than expected rise in U.S. stockpiles.
Brent crude was up 29 cents, or 0.51%, at $57.09 at 08:00 ET. U.S. crude added 17 cents, or 0.32%, to $54.05.
Energy Information Administration weekly figures showed a rise of about 6.5 million barrels in U.S. crude inventories.
Expectations were for an increase of around 3.3 million barrels.
Gasoline inventories also rose more than forecast.
OPEC and non-OPEC producers plan to cut output by some 1.8 million barrels a day in the first half of this year.
The compliance level of OPEC members with the agreed cuts has been estimated at over 80%.

Latest comments

Iran might increase productionbefore any sort of sanctions from US on missile test. Oil may slip to 40-45 range.
The saudis will not let that happen.
OPEC this and OPEC that, and on and on and on! These prices, especially after EIA's report yesterday on oil supplies shows this commodity is artificially inflated! Market manipulation! We have more oil than ever now! Nothing has changed about supply. In fact, the supply's gotten bigger! Why oil prices have doubled from their lows is beyond me! 26 a year ago or so, should be the same now...or maybe a little more. Not in the mid-50's! What greed and lies! 10 USD a barrel too high IMO. Should be 44 a barrel maybe.
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