NEW YORK (Bloomberg) –Oil pared gains after Russian Energy Minister Alexander Novak left the OPEC+ joint meeting in Vienna.
Futures in New York were little changed after earlier climbing as much as 2.6% on Wednesday. Prices had risen earlier in the session as OPEC+ discussed the option of cutting output by 1.5 million barrels a day. The market also shrugged off a build in U.S. crude stockpiles.
“A cut from OPEC of even 1 million barrels a day would be supportive to the market,” said Nick Holmes, portfolio manager at Tortoise. “Whether that will be enough is a big question mark. The market is still trying to discern how severe the impact from a global economic slowdown will be on oil demand.”