Oil slips despite OPEC+ sticking to moderate rise, U.S. stockpile draw | Reuters
Oil prices slipped on Wednesday even after OPEC+ stuck to planned moderate output increases despite pressure from top consumers to raise output more quickly after prices rallied to 2014 highs.
Brent crude was down 7 cents to $89.09 a barrel at 12:15 p.m. EST (1715 GMT) while U.S. West Texas Intermediate crude fell 25 cents, or 0.3%, to $87.95.
Global benchmark Brent has remained within striking distance of $90 for several days now, buoyed by ongoing concerns about tight supply across major world producers and steadily increasing demand. On Friday, both benchmarks hit their highest since October 2014, with Brent touching $91.70 and U.S. crude hitting $88.84.
The market has been unable to push higher, leading analysts to believe sellers have been jumping in to take profits at these levels despite bullish fundamentals.
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