Oil holds gain with focus on US stockpiles and OPEC+ meeting

Oil held a rally after an industry report pointed to a drawdown in US crude inventories, ahead of an OPEC+ meeting at which the group is expected to affirm current supply cuts.
Photo: Cedar Attanasio/AP/Ritzau Scanpix
Photo: Cedar Attanasio/AP/Ritzau Scanpix
By Yongchang Chin, Bloomberg

Brent crude was near USD 89 a barrel after closing at the highest level since October on Tuesday. West Texas Intermediate was around USD 85. The American Petroleum Institute reported nationwide stockpiles fell by more than 2 million barrels last week, according to people familiar with the figures. The estimates — before the release of official data due later on Wednesday — also showed declines in gasoline and distillate inventories.

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