Oil falls nearly 2% ahead of Opec supply deal — but pares losses on US stockpile
New York — Oil prices fell nearly 2% on Thursday as crude producers appeared to be nearing a deal to increase production at an oil cartel Opec meeting in Vienna. The market was contending with exactly how much output will change as Opec, which holds its bi-annual meeting on Friday, is widely expected to agree to pump more, possibly supported by some other producers outside Opec, including Russia. The market is contending with exactly how much output will change. "I think it’s going to be an increase, but it’s just a matter of what the magnitude is," said Dominick Chirichella, director at EMI DTN. Brent crude dropped $1.26, or 1.7%, to $73.48 a barrel by 3.38pm GMT after earlier hitting a session low of $72.94. US West Texas Intermediate (WTI) crude for August delivery, the new front month, fell 22c to $65.49, after earlier trading at a high of $65.89. WTI briefly turned positive after energy information provider Genscape said crude inventories at the Cushing, Oklahoma hub were expe...
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