Tortoise's Rob Thummel in Bloomberg

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.
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