Oil price news: Oil dips as traders look to U.S. stockpiles and OPEC+ meeting
BNN Bloomberg
Oil edged lower amid signs of another stockpile build in the US ahead of an OPEC+ meeting on supply over the weekend.
Global benchmark Brent traded near US$82 a barrel after settling modestly higher on Tuesday. U.S. inventory figures due later on Wednesday will offer the next clue on the market's direction before the Thanksgiving holiday in the U.S., after data from the American Petroleum Institute was reported to show a large increase in crude stocks.
Oil has been buffeted in recent weeks by indications that supplies are expanding, prompting speculation the Organization of Petroleum Exporting Countries and its allies will extend output cuts or, possibly, deepen them. Citigroup Inc. has put the odds of a further reduction at one in five, while rival Goldman Sachs Group Inc. put the figure at about one in three.
