- Futures initially moved higher on surprise U.S. inventory draw
- Crude is up 11% from early October low on trade-deal optimism
Oil surrendered some gains after Iraq backed away from a proposal that OPEC and allied crude producers should deepen supply cuts when they meet later this week.
Futures in New York pared their advance to 3.8% after earlier climbing the most since devastating missile attacks on Saudi Arabian oil installations 2 1/2 months ago. The Iraqi standdown partially offset a bullish U.S. government tally that showed domestic crude stockpiles shrank more than expected last week.