UPSTREAMONLINE.COM
Oil futures fell on Wednesday after an industry report showed an unexpected build in US crude stocks, paring some of their gains of nearly 6% from the session before. Oil prices had surged on Tuesday as Opec members were set to renew efforts to efforts to agree concrete steps to implement a deal on cutting output in the face of a persistent global glut. US benchmark crude was down 26 cents at $45.55 a barrel early on Wednesday. On Tuesday, the contract surged 5.8% to $45.81 per barrel in its biggest daily percentage increase since early April. Brent futures, the global benchmark, also dropped by 26 cents to $46.69 a barrel. They settled up 5.7% at $46.95 a barrel in their largest percentage gain since 28 September.
Read more>
Oil futures fell on Wednesday after an industry report showed an unexpected build in US crude stocks, paring some of their gains of nearly 6% from the session before. Oil prices had surged on Tuesday as Opec members were set to renew efforts to efforts to agree concrete steps to implement a deal on cutting output in the face of a persistent global glut. US benchmark crude was down 26 cents at $45.55 a barrel early on Wednesday. On Tuesday, the contract surged 5.8% to $45.81 per barrel in its biggest daily percentage increase since early April. Brent futures, the global benchmark, also dropped by 26 cents to $46.69 a barrel. They settled up 5.7% at $46.95 a barrel in their largest percentage gain since 28 September.
Read more>