Oil falls on surprise U.S. stock build, delayed OPEC+ meeting
Oil prices fell on Wednesday after a sudden rise in U.S. oil inventories and as OPEC+ delayed a meeting on output policy.
Brent crude futures fell 0.9%, or 41 cents, at $47.01 per barrel. U.S. West Texas Intermediate crude dropped 1%, or 46 cents, at $44.09 per barrel.
U.S. crude stockpile climbed by 4.1 million barrels last week, contrary to analysts’ expectations for a 2.4-million barrel drawdown.
OPEC and its allies moved Tuesday’s talks on the output policy for 2021 to Thursday. The group has implemented a 7.7 million bpd cut to support oil prices amid the coronavirus pandemic.
Meanwhile, non-OPEC+ member Norway is set to end its output cuts by Dec. 31, potentially affecting oil prices.
Still, gains in oil prices were capped by hopes for a COVID-19 vaccine, which could boost fuel demand.