Oil Rises With Lower US Stockpiles and OPEC+ Meeting to the Fore

• API said nationwide inventories fell by over 2 million barrels
• There are signs some OPEC members stalled on delivering curbs

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By Yongchang Chin

April 3, 2024 at 9:22 AM GMT+10

Updated on

April 3, 2024 at 10:04 AM GMT+10

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Oil extended a rally after an industry report pointed to a drawdown in US crude inventories, ahead of an OPEC+ meeting at which the group is expected to affirm current supply cuts.

Futures for global benchmark Brent rose toward $90 a barrel after closing at the highest level since October on Tuesday. West Texas Intermediate was above $85. The American Petroleum Institute reported nationwide stockpiles fell by more than 2 million barrels last week, according to people familiar with the figures. The estimates also showed declines in gasoline and distillate inventories.