Singapore — Oil fell on Wednesday after gaining more than 1% in the previous session as US industry data showed a bigger-than-expected build in crude stockpiles, but the possibility of deeper output cuts from the Organisation of the Petroleum Exporting Countries and its allies contained the decline.West Texas Intermediate crude futures for December delivery, the new front-month contract, fell 43c, or 0.79%, to $54.05 per barrel. The November contract expired on Tuesday at $54.16.
“The Opec-induced oil rally has come to a grinding halt in the wake of the bearish to consensus API inventory swell,” Stephen Innes, market strategist at AxiTrader, said in a note on Wednesday. Opec and other oil producers including Russia, a group known as Opec+, have pledged to cut production by 1.2-million barrels per day until March 2020. Opec and other nonmembers are scheduled to meet again on December 5 to 6.
Meanwhile, easing trade tensions between China and the US, the world’s two largest economies and biggest oil consumers, were also helping to cushion overall sentiment for oil, traders said.
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