Oil extended gains after government data showed U.S. crude inventories declined to the lowest level since February.
Crude stockpiles decreased 6.2 MMbbl last week, according to the Energy Information Administration. That contrasts with the 3.25-MMbbl gain forecast by analysts surveyed by Bloomberg and a 7.5 MMbbl decrease reported Tuesday by the industry-funded American Petroleum Institute.
West Texas Intermediate for November delivery rose $1.03, to 2.3%, to $45.08/bbl at 10:32 a.m. on the New York Mercantile Exchange. Brent for November settlement advanced 87 cents, or 1.9%, to $46.75/bbl on the London-based ICE Futures Europe exchange.
Futures climbed earlier after Algeria said OPEC may turn its informal talks on Sept. 28 into a formal session. OPEC ministers can transform the gathering into an extraordinary meeting since they’ll all be present, Algerian Energy Minister Noureddine Bouterfa said on public radio.
NEW YORK (Bloomberg)
By MARK SHENK on 9/21/2016