U.S. output climbs a seventh week, EIA reports inventory gain.
BLOOMBERG.COM

Oil rose in New York as investors weighed a surprise increase in U.S. stockpiles against OPEC-led efforts to reduce the global oversupply. Futures added 0.5 percent, extending the 6.8 percent gain of the previous seven sessions. U.S. output rose for a seventh week and inventories expanded to a fresh record, government data showed Wednesday. The increase in U.S. stockpiles is reviving concern they’ll counter output curbs led by the Organization of Petroleum Exporting Countries. Oil rallied back above $50 a barrel a week ago after some OPEC nations supported a possible extension to their six-month deal, while production halts in the U.K. North Sea and Canada have since helped bolster prices. OPEC Secretary-General Mohammad Barkindo said Sunday he’s “cautiously optimistic that the market is already rebalancing.”

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