Boston — Oil pared gains on Wednesday, retreating slightly from a more than two-year high after US crude stockpiles fell less than an industry group suggested on Tuesday. Still, US crude prices remained elevated near a $58, two-year high after sources said the Keystone pipeline will cut deliveries by 85% or more until the end of November. Crude inventories fell by 1.9-million barrels in the week to November 17, according to weekly data from the US Energy Information Administration (EIA). The official data was less bullish than Tuesday’s report from the American Petroleum Institute (API), which showed a 6.4-million barrel crude stockpile decline. "Current price levels are still inciting US companies to produce more, which will remain a concern for oil cartel Opec ahead of its November meeting," said Abhishek Kumar, senior energy analyst at Interfax Energy’s Global Gas Analytics in London. US crude rose 58c to $57.41 a barrel by 3.44pm GMT after release of the data, after earlier hitt...
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