Tokyo — Oil prices rose over 1% on Thursday as official data showed US crude stocks fell more than expected and as the Organisation of the Petroleum Exporting Countries and other producers finally agreed a date for a meeting to discuss output cuts.
After swelling to near two-year highs, US crude stocks fell by 3.1-million barrels last week, compared with analyst expectations for a draw of 1.1-million barrels, the Energy Information Administration said. Opec and its allies will discuss whether to extend a deal on cutting 1.2-million barrels per day of production that runs out in June.
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