Oil Trades Near $68 as Inventory and OPEC Output Weigh on Market - Bloomberg

Oil Trades Near $68 as Inventory and OPEC Output Weigh on Market - Bloomberg:

Oil traded near $68 a barrel after sliding for two consecutive sessions as rising U.S. inventories and higher output from OPEC and Russia weighed on the market.

Futures in New York were little changed, following a 3.5 percent slide in the past two sessions. U.S. government data Wednesday showed a surprise gain in nationwide stockpiles. Meanwhile, OPEC’s July output climbed as Saudi Arabia pumped near-record volumes and Russia boosted production to levels not seen since it joined the cartel in a coordinated cut two years ago.