(Bloomberg) — Oil rose near its highest level since March as U.S. crude inventories looked set for a large drop and OPEC+ sought extra output cuts from laggards.
Futures in New York traded near $41 a barrel, extending Tuesday’s gains. The American Petroleum Institute reported that inventories fell by 8.32 million barrels last week — the biggest drawdown since December if confirmed by official figures on Wednesday. Meanwhile, OPEC+ is seeking compensatory curbs in the next two months from members that overshot quotas, delegates said.
Crude has traded in a tight range around $40 a barrel in July as lower