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Oil Climbs to Two-Year High as Stockpiles Fall Before OPEC Meets
“It does appear the only way is up for oil,” said Michael McCarthy, a chief strategist at CMC Markets in Sydney. “A lot of traders are speculating about the potential outcome of the OPEC meeting. Expectations are high and that could lead to disappointment if OPEC and its partners don’t deliver, but it doesn’t seem many are prepared to take the risk of that happening.” U.S. crude stockpiles at Cushing, Oklahoma, the delivery point for WTI and the biggest oil-storage hub, dropped by 1.8 million barrels last week, the API said, according to people familiar with the data. Gasoline inventories expanded by 869,000 barrels, API data show. Click Read More below for additional information.
Oil dips as US output rises, still set for strongest January in five years
Brent crude oil prices eased below $70 a barrel on Monday as rising U.S. output undermined efforts led by OPEC and Russia to tighten supplies, but prices were still on…
