Oil
ended near the highest closing level in eight weeks in New York as a
jump in U.S. crude inventories was countered by a decline in the
nation’s oil production.
Futures
were little changed. Output fell for a sixth week to 9.08 million
barrels a day, the lowest level since November 2014, according to the
Energy Information Administration. Crude inventories rose, keeping
supplies at the highest in more than eight decades. OPEC members will
meet with Russia and other producers in Moscow on March 20 to resume
talks on an output cap, Nigeria’s oil minister said.
Oil
is still down about 6 percent this year on speculation a global glut
will be prolonged amid brimming U.S. stockpiles and the outlook for
increased exports from Iran after the removal of sanctions. Exxon Mobil
Corp. scaled back production targets and said drilling budgets will
continue to drop through the end of next year as the oil market shows no
signs of a significant recovery.
West
Texas Intermediate for April delivery fell 9 cents to close at $34.57 a
barrel on the New York Mercantile Exchange. The contract rose to $34.66
Wednesday, the highest settlement since Jan. 5. Total volume traded was
about 16 percent above the 100-day average.
Brent
for May settlement gained 14 cents to $37.07 a barrel on the
London-based ICE Futures Europe exchange. The global benchmark crude was
at a premium of 74 cents to WTI for May.
Source: Bloomberg
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