Oil Erases Some Gains as Iraqis Curb Demand For Deeper OPEC Cuts

• 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.
Read more here: https://www.bloomberg.com/news/articles/2019-12-03/oil-extends-gains-ahead-of-opec-meeting-as-u-s-supplies-tighten