Oil rose to a 15-month high this morning after the Energy Information Administration reported that U.S. crude inventories fell last week and Saudi Arabia’s energy minister said many nations are willing to join OPEC output cuts.
Bloomberg reports that futures rose as much as 3.1% to the highest intraday level since July 2015. EIA reported a 5.25 million-barrel decline in nationwide crude supplies as of the end of last week.
Analysts surveyed by Bloomberg had forecast a 2.1 million-barrel increase. Oil has fluctuated near $50 a barrel amid uncertainty about whether the Organization of Petroleum Exporting Countries will be able to implement an accord to reduce supply when they gather at an official meeting in November.
An OPEC committee will meet later this month to try to resolve differences over how much individual members should pump. OPEC will start with an output freeze, or possibly a small cut.
