Oil Halts Advance as Al-Falih Says OPEC Deal Remains Unresolved - Bloomberg

Oil Halts Advance as Al-Falih Says OPEC Deal Remains Unresolved - Bloomberg:

Oil retreated after the biggest two-day gain since June as investors grapple with doubts over whether OPEC and its allies will curb production.

Futures slipped as much as 2.1 percent in New York, paring gains of 4.6 percent in the previous two sessions. Saudi Energy Minister Khalid Al-Falih said it’s “premature” to say whether the producer group will agree on efforts to stabilize the oversupplied market and walked back recent statements about the size of any supply reduction. Meanwhile, industry data signaled crude stockpiles in America expanded last week.

Crude breached $53 a barrel for the first time in almost two weeks after Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman agreed they would cooperate on managing the oil market. But in talks between officials after that meeting, Saudi Arabia argued Russian proposals, which implied Moscow would cut by a maximum of 150,000 barrels a day, would leave the kingdom shouldering too much of the burden.