Latest BNN Report Oil pared gains after OPEC+ decided to stick to their current pace of supply increases and after reports of an increase in crude supplies at the biggest storage hub in the U.S.
Futures in New York earlier rallied as much as 3.2 per cent. After a brief meeting on Thursday, OPEC and its allies approved a 400,000 barrel-a-day production hike for December, a delegate said. That’s a pace that major consumers say is too slow to sustain the post-COVID economic recovery, with the U.S. asking for as much as double that amount.
Meanwhile, inventories at Cushing, Oklahoma, the delivery point for benchmark U.S. crude futures, rose by about 1.04 million barrels in the week through Nov. 2, according to traders citing data from Wood Mackenzie.