Oil prices mixed as talk of extending OPEC cuts faces rising U.S. supply

By Trend

Oil futures ended little changed on Wednesday after supply curbs, including further talk on an extension to OPEC-led cuts, offset rising U.S. crude inventories and record production, Trend reports citing Reuters.

An intensifying political crisis in Venezuela that threatens oil exports already reduced by U.S. sanctions and Washington’s May 1 deadline to halt Iranian oil sanction waivers were also supportive.

Brent crude oil futures settled at $72.18 a barrel, up 12 cents, or 0.2%, after falling as low as $71.30. U.S. West Texas Intermediate crude futures (WTI) ended 31 cents, or 0.5%, lower at $63.60 a barrel, up from its $62.77 session low.

U.S. crude inventories jumped 9.9 million barrels last week to 470.6 million barrels to their highest since September 2017 as imports grew to their highest since January and refining rates dropped below 90 percent of total capacity, the Energy Information Administration said.