U.S. crude futures slipped on Wednesday after an industry report showed an unexpected build in U.S. oil stocks, paring some of the gains from the session before when prices rose by the most since early April. Oil prices had surged on Tuesday as members of the Organization of the Petroleum Exporting Countries (OPEC) were set to renew efforts to agree concrete steps to implement a deal on cutting output in the face of persistent global glut. U.S. benchmark crude was down 10 cents at $45.71 a barrel at 0037 GMT. On Tuesday, the contract surged 5.8 percent to $45.81 per barrel in its biggest daily percentage increase since early April.
Watch What Else Is Making News
Brent futures, the global benchmark, were as yet untraded. They settled up 5.7 percent at $46.95 a barrel in their largest percentage gain since Sept. 28.
OPEC agreed to an outline of a supply cutting deal in September but with two weeks to go before a Nov. 30 meeting, disagreements persist among members and non-OPEC Russia on crucial details.
- Soon You Could Get Plastic Currency Notes: Find Out More
- Ranveer Singh and Vaani Kapoor Starrer Befikre Gets A Thumbs Up
- Supreme Court Seeks Centre’s Response Over Various Issues Regarding Demonetisation
- Defence Minister Manohar Parrikar Writes To West Bengal CM Mamata Banerjee
- Bigg Boss 10 December 8 Review: Swami Om Feels Cheated, lashes Out At Gaurav For Jail Punishment
- South Korean President Park Geun-Hye Impeached Over Corruption Scandal
- Former Air Chief SP Tyagi Arrested In VVIP Chopper Scam
- After Congress Vice President Rahul Gandhi, Liquor Baron Vijay Mallya’s Twitter Account Hacked
- Find Out What PM Narendra Modi Told Cabinet Over Demonetisation Decision
- Home Minister Rajnath Singh Assures Safety Of All Tourists Stranded On Havelock Island
- Government To Waive Service Tax On Debit, Credit Card Transactions Of Up To Rs 2,000
- President Pranab Mukherjee Criticises Parliament Disruptions Over Demonetisation
- Pakistan International Airlines Flight Carrying Over 40 Passenger On Board Crashes
- Shah Rukh Khan On Raees Clash With Kaabil: It’s Impossible To Have A Solo Release In India
- US-President Elect Donald Trump Named TIME’s Person Of The Year 2016
OPEC secretary-general Mohammed Barkindo will travel to member nations, including Iran and Venezuela, over the next few days to discuss the deal.
A bearish tone was set after the market closed on Tuesday, when the U.S. industry group, the American Petroleum Institute, said crude stocks rose last week.
Crude inventories rose by 3.6 million barrels in the week to Nov. 11 to 488.8 million, compared with analyst expectations for an increase of 1.5 million barrels.