Oil
retreated from the highest level in more than four months as U.S.
industry data showed crude stockpiles expanded before talks between
major suppliers about freezing output.
Futures
slid as much as 1.5 percent in New York after climbing 13 percent the
previous three sessions. Inventories rose by 6.2 million barrels last
week, the American Petroleum Institute was said to report. Government
data Wednesday is forecast to show they gained 1 million barrels,
keeping supplies near the highest since 1930. There’s hope a deal to cap
production can be reached April 17 regardless of Iran’s position, said
Kremlin press secretary Dmitry Peskov.
Oil
has rebounded after slumping to the lowest in more than 12 years amid
signs a global glut will ease as U.S. production declines. Saudi Arabia
said it will agree to a freeze only if it’s joined by other suppliers
including Iran, while Kuwait said a deal can be done without Tehran’s
support. At least 16 nations will gather in Doha on Sunday to discuss
keeping output at January levels.
West
Texas Intermediate for May delivery fell as much as 63 cents to $41.54 a
barrel on the New York Mercantile Exchange and was at $41.75 at 8:24
a.m. Hong Kong time. The contract gained $1.81 to $42.17 on Tuesday, the
highest settlement since Nov. 25. Total volume traded was about 51
percent below the 100-day average.
Brent
for June settlement lost as much as 39 cents, or 0.9 percent, to $44.30
a barrel on the London-based ICE Futures Europe exchange. The global
benchmark crude was at a $1.21 premium to WTI for June.
Source: Bloomberg
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