Oil futures turned higher Wednesday after Reuters reported that Russia’s Energy Minister Alexander Novak said he sees big chances for the Organization of the Petroleum Exporting Countries to reach an agreement to curb production. The news came shortly after the U.S. Energy Information Administration reported that domestic crude supplies in the week ended Nov. 11 rose by 5.3 million barrels. Analysts polled by S&P Global Platts expected a decline of 2 million barrels, while the American Petroleum Institute late Tuesday reported a rise of 3.65 million barrels, according to sources. Total crude output, meanwhile, fell 11,000 barrels to 8.681 million barrels a day. Gasoline supplies rose 700,000 barrels and distillate stockpiles climbed by 300,000 barrels, according to the EIA. December crude rose 7 cents, or 0.3%, to $45.88 a barrel on the New York Mercantile Exchange. Prices traded at $45.43 before the data.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News