West Texas Intermediate crude traded near the lowest price in four weeks after an industry report showed U.S. stockpiles rose the most in a month. The oil market is balanced, Saudi Arabia said before OPEC meets tomorrow.
West Texas Intermediate crude fell before data likely to show a decline in U.S. gasoline stockpiles as OPEC delegates in Vienna indicated the group will leave its output target unchanged at this week’s meeting.
West Texas Intermediate swung between gains and losses near the highest price in a week before data that may show U.S. crude stockpiles shrank. OPEC will probably keep its output quota unchanged this week.
West Texas Intermediate fell for a second day after industry data showed U.S. inventories rose for a fourth week, the longest run of gains since February. China’s oil stockpiles climbed for a second month.