Oil fell as the OPEC+ meeting that had been set for the weekend was delayed, denting traders’ expectations that the cartel will intervene to tighten supplies.
West Texas Intermediate swung in a roughly $4 range to settle above $77 a barrel after the organization’s gathering was pushed back until next week amid a dispute over output quotas for African members. Meanwhile, US crude stockpiles rose 8.7 million barrels last week, reaching the highest level since July, adding another headwind for prices.
Wednesday’s declines reflect the market’s concerns of what may happen if OPEC+ can’t reach an agreement, said Rebecca Babin, a senior energy trader at CIBC Private Wealth.
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