Oil Trades Near $49 as OPEC Keeps Status Quo, U.S. Supply Drops

June 2, 2016 4:29 PM

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Oil traded near $49 a barrel in New York after a U.S. crude supply decline tempered the impact of OPEC’s failure to reach an agreement for a new production ceiling.

Futures were little changed after earlier dropping as much as 2.1 percent. The Organization of Petroleum Exporting Countries’ de facto leader, Saudi Arabia, had previously discussed restoring an output target scrapped in December, delegates familiar with the matter said. OPEC did appoint Nigeria’s M...

Also read: Dow, S&P rise as oil cuts losses on surprise inventories drawdown

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