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Oil prices mixed on possible output deal extension, rising U.S. stockpiles

Xinhua, February 17, 2017 Adjust font size:

Oil prices traded mixed as investors digested reports of possible output cut deal extension among world major oil producers and rising U.S. stockpiles.

Media reports said there is a good chance that the Organization of the Petroleum Exporting Countries (OPEC) will extend the output cut deal which took effect on Jan. 1 and will last six months.

Meanwhile, investors are worried that soaring U.S. stockpiles will offset some of OPEC's efforts to reduce production and ease supply glut.

U.S. crude stocks rose 9.5 million barrels last week to 518.1 million, up 9.6 percent year-on-year, the U.S. Energy Information Administration said on Wednesday.

The West Texas Intermediate for March Delivery added 0.25 dollars to settle at 53.36 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery decreased 0.10 dollars to close at 55.65 dollars a barrel on the London ICE Futures Exchange. Enditem