Oil set for first annual gain in four years before OPEC supply cuts

The North Sea reference oil Brent looks on track for first annual advance in four years ahead of supply reductions from OPEC and other producing nations come into force next month.

Photo: /ritzau/Nabil al-Jurani/Arkiv

Oil headed for its first annual advance in three years before supply cuts from OPEC and other producing nations next month intended to stabilize the market and reduce swelling global inventories.

Futures added 0.4 percent New York after losing 0.5 percent on Thursday, snapping an eight-day winning streak, as US crude inventories unexpectedly expanded a second week. Stockpiles climbed by 614,000 barrels last week, the smallest gain since January, the Energy Information Administration reported Thursday. Analysts surveyed by Bloomberg had forecast a decline of 1.5 million barrels, while industry data showed an increase of 4.2 million barrels.

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