Oil extends losses as US stockpiles expand before OPEC+ meet

Oil extends losses as US stockpiles expand before OPEC+ meet

Oil fell for a third day after US crude stockpiles rose and progress was made on Iranian nuclear talks before an OPEC+ meeting. Futures in New York slid below $80 a barrel after losing almost 4 per cent over the past two sessions. American crude inventories climbed for the fifth time in six weeks, according to government figures, while the US and Iran agreed to resume talks later this month on reviving a nuclear deal. OPEC+ is meeting later on Thursday and the alliance is expected to stick with its planned gradual output hike for December, despite calls from consumers to pump more. Oil recently rallied to the highest since 2014 as an economic rebound from the pandemic combined with an energy crunch to drive up demand for crude. US President Joe Biden has led calls from major consumers for OPEC+ to increase output to cool elevated prices, but Saudi Arabia and others in the alliance have pushed back, citing risks from ongoing virus outbreaks. OPEC+ is set to ratify a monthly increase of 400,000 barrels a day, continuing the gradual revival of production halted during the pandemic, according to a survey. While that’s been a consistent target for the