Oil pared gains after surging the most since the attacks on Saudi Arabia following a surprise decline in U.S. crude stockpiles.
Oil is still down more than 15% from an April peak as the prolonged trade dispute between Beijing and Washington dented global demand. Russia’s energy minister Alexander Novak said none of the OPEC+ members have submitted a proposal to change existing conditions of their output-curb deal, following a Reuters report Tuesday that the group may be considering deeper cuts.
West Texas Intermediate for December delivery lost 33 cents to $55.64 a barrel on the New York Mercantile Exchange as of 7:38 a.m. in London. The contract added $1.49 to close at $55.97 on Wednesday, the biggest gain since Sept. 16.
Brent for December settlement fell 16 cents, or 0.3%, to $61.01 a barrel on the London-based ICE Futures Europe Exchange. The contract rose $1.47 to $61.17 on Wednesday. The global benchmark crude traded at a $5.35 premium to WTI.
Source : Bloomberg