Crude rose for a third day after API reported an unexpected drop in U.S. stockpiles just as planned cuts and disruptions to OPEC output are tightening supply.
While OPEC nations like Saudi Arabia press on with planned production curbs, crises in fellow members Venezuela and Iran are also removing barrels from the market.
Additionally, the EIA in its monthly Short-Term Energy Outlook trimmed American crude output this year to 12.3 million barrels a day — 110,000 barrels lower than it had forecast previously.
Crude -2.58mm (+3.00mm exp)
Crude -3.86mm (+3.00mm exp)
DOE confirmed API’s surprise crude
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