Oil Set for First Weekly Gain Since November as Stockpiles Drop - Bloomberg

Oil Set for First Weekly Gain Since November as Stockpiles Drop - Bloomberg:

"Oil headed for the first weekly advance in a month as U.S. crude stockpiles fell to the lowest level in more than two years and the pace of production gains slowed. 




Front-month futures slid 0.5 percent in New York, trimming the weekly gain to 1.4 percent. Crude supplies slid last week to 436.5 million, the lowest level since October 2015, according to U.S. government data Wednesday. Output expanded at the smallest rate since starting a nine-week gain in mid-October. The North Sea’s Forties Pipeline System is set to return to normal flows early next year, according to a statement from operator Ineos Group."



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