LONDON: Oil fell in New York, heading for a weekly loss, as a decline in US crude stockpiles failed to convince investors that global markets are re-balancing.
Futures dropped as much as 2.8% even after US data on Thursday showed the nation’s crude stockpiles dropped by 6.3 million barrels, three times as much as expected. Investors remain doubtful that Organisation of Petroleum Exporting Countries (Opec)-led production cuts will clear a global glut, after Russia ruled out deepening the measures and Saudi Arabia showed less commitment than earlier in the year.
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