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Oil edges higher after US stocks fall

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Brent rises as market waits for next steps from producers’ meeting on output cuts

A worker walks on the heliport at the Brazil's Petrobras P-66 oil rig in the offshore Santos basin in Rio de Janeiro on September 5 2018. Picture: REUTERS/PILAR OLIVARES

Reflecting a recovery in fuel demand despite the coronavirus pandemic, US crude inventories fell by 8.3-million barrels in the week to July 10, beating analysts’ expectations for a decline of 2.1-million barrels, according to data from industry group the American Petroleum Institute . On supply, the market will be closely watching for news from a meeting of the joint ministerial monitoring committee of Opec later on Wednesday.

Key members of Opec and allies including Russia, collectively known as Opec-plus, are set to decide whether to extend output cuts of 9.7-million barrels a day that end in July or ease them to 7.7-million barrels a day.

 

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