Oil Edges Higher as Inventory Drop Helps to Ease Post-OPEC Gloom - Bloomberg

Oil Edges Higher as Inventory Drop Helps to Ease Post-OPEC Gloom - Bloomberg:

Oil gained after suffering its worst reaction to an OPEC meeting in more than four years.

Futures rose 0.8% in New York after an industry report showed U.S. oil inventories declined by almost 5 million barrels last week. Prices were still far from recovering Tuesday’s 4.8% decline, when concerns about the global economy overshadowed OPEC and its allies’ decision to extend output cuts for nine months. It was the biggest drop following an OPEC gathering since November 2014.

The Organization of Petroleum Exporting Countries and its friends including Russia agreed on Tuesday to prolong cuts into 2020 as they seek to reduce global stockpiles. But divisions remained over which measure of inventories should be used to determine the scale of the supply glut. Concerns over oil demand resurfaced following weak manufacturing data from the U.S., China and Europe.