TortoiseEcofin Senior Portfolio Manager Quinn Kiley in Bloomberg News

Oil Inches Up as Petroleum Report and OPEC+ Unity Calms Market

U.S. crude futures closed modestly higher after OPEC+’s relatively harmonious decision to gradually raise supply and a bullish U.S. oil inventory report.

Futures erased intraday losses to climb 0.1% as OPEC and allied partners appeared to rubber stamp a previously announced hike of 400,000 barrels a day. The drama-free meeting was a welcome sign of unity after July’s tiff between Saudi Arabia and the United Arab Emirates left the market waiting for days on a decision. A U.S. government report showed crude stocks fell more than expected and petroleum products demand rose to a record high.

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