LONDON (Reuters) -Oil prices fell for a second day on Wednesday on surging U.S. stockpiles and signs the OPEC+ producer group is unlikely to change its...
LONDON -Oil prices fell for a second day on Wednesday on surging U.S. stockpiles and signs the OPEC+ producer group is unlikely to change its output policy at a technical meeting next week.
Prices have retreated since climbing to their highest since October last week and remain about 3% above the average closing price in the first week of March.A sharp rise in U.S. crude inventories and expectations for potential inaction by OPEC+ next week prompted further "unwinding" in oil prices as profit-taking accelerates after the mid-March rally, said IG market strategist Jun Rong Yeap.
Those struggles have called into question the group's ability to comply with cuts, with OPEC having exceeded its targets by 190,000 bpd in February, a Reuters survey showed.Traders are "watching OPEC members for any sign they may be altering their stance on production quotas," ANZ analysts said in a report on Wednesday.
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