Oil Holds Gain as U.S. Stockpiles Seen Falling Before OPEC Meet
(Bloomberg) -- Oil held gains before U.S. government data forecast to show crude stockpiles shrank a seventh week as OPEC prepares to meet Thursday to decide on prolonging output cuts.
U.S. inventories probably slid by 2 million barrels last week, according to a Bloomberg survey before an Energy Information Administration report Wednesday.
Iraq backed a proposal to extend production curbs into 2018, adding to growing support for longer reductions to clear a global glut.
Oil has climbed as Saudi Arabia and non-OPEC member Russia rally support for a nine-month extension to the output-cut deal by the Organization of Petroleum Exporting Countries and its allies. While stubbornly high global inventories have taken longer-than-expected to drain, signs that U.S. supplies are starting to ease is adding to optimism.
West Texas Intermediate for July delivery was at $51.12 a barrel on the New York Mercantile Exchange, down 1 cent, at 7:48 a.m. in Hong Kong. Brent for July settlement rose 26 cents, or 0.5 percent, to $53.87 a barrel on the London-based ICE Futures Europe exchange on Monday.
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