U.S. oil futures finished lower Wednesday as pressure from uncertainty a day ahead of a decision by major oil producers on output levels outweighed support from weekly U.S. data showing a crude inventory drop of more than 5 million barrels.
Investors also weighed news of deepening U.S. sanctions on Iranian oil exports.
West Texas Intermediate crude for January delivery fell $1.40, or 2%, to settle at $68.54 a barrel on the New York Mercantile Exchange after gaining 2.7% on Tuesday.
February Brent crude, the global benchmark, lost $1.31, or 1.8%, at $72.31 a barrel on ICE Futures Europe.
The Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, are set to meet Thursday, after postponing a gathering that had been set for Dec. 1.
OPEC+ had earlier this year approved a plan to begin unwinding around 2.2 million barrels a day of production cuts in October but subsequently delayed that plan. At present, the plan is scheduled to take effect at the end of December, but it is expected to be pushed back further due to softness in the crude market and fears that a production increase would add to a surplus.
Source : MarketWatch
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