Stock Advisory Company: Oil falls on doubts over extended output cuts, surprise rise in US fuel stocks
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Oil prices fell on Wednesday on doubts OPEC and Russia will agree with an extended crude production cut that the market has priced in and after a report of an unexpected rise in US fuel inventories.
US West Texas Intermediate (WTI) crude futures were at $57.72 a barrel at 0130 GMT, 27 cents, or 0.5 percent below their last settlement.
Traders said WTI was pulled down by a report from the American Petroleum Institute (API) late on Tuesday which showed the US crude inventories rose by 1.8 million barrels in the week to Nov. 24 to 457.3 million barrels.
Official US fuel inventory data is due later on Wednesday.
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