Oil Halts Drop as Traders Weigh OPEC Cuts Versus U.S. Stockpiles - Bloomberg

Oil Halts Drop as Traders Weigh OPEC Cuts Versus U.S. Stockpiles - Bloomberg:

Oil halted a decline as traders weighed output cuts from the OPEC producer group and its partners against expectations for rising U.S. crude inventories.

Futures in New York were little changed after a 1.3 percent drop on Monday. Russia curbed output by 47,000 barrels a day in January from its October baseline level, in line with the country’s pledge to OPEC, Energy Minister Alexander Novak said. Meanwhile, U.S. government data due Wednesday is forecast to show American crude inventories rose a third week.

Crude has rallied about 20 percent this year as production cuts by the Organization of Petroleum Exporting Countries and allies including Russia have taken effect. Rig data signaled U.S. shale drilling is slowing down despite record output from the nation. A battle for leadership of oil-rich Venezuela threatens further disruption to supplies.