Oil prices retreated in Asian trading following a report showing U.S. crude inventories likely rose for a sixth week, handing back some of Tuesday’s gains on a report that OPEC and its allies will consider deepening production cuts when they meet in December.
Futures in New York were down 0.5%, after settling 1.8% higher on Tuesday. The American Petroleum Institute report showed U.S. crude stockpiles rose 4.45 million barrels last week, according to people familiar with the data. That would be the sixth week in a row that inventories have risen, if confirmed by official U.S. government data due on Wednesday.
Tuesday’s gain was the biggest in over a week and was driven by a Reuters report that members of the Organization of Petroleum Exporting Countries are concerned about the outlook for demand next year.
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