Oil Rises Toward $63 as OPEC Cuts Weighed Against U.S. Supplies
Futures in New York rose as much as 1.2 percent after dropping on Monday. While U.S. inventories are forecast to have added 3.4 million barrels last week, that would mark slower growth than the prior week. OPEC and its partners, which are cutting output to ease the global glut, still expect markets to balance by about the third quarter, according to people familiar with the matter. U.S. crude inventories are at their highest since December and probably grew again last week, according to a Bloomberg survey before government data due Wednesday. While supplies are set for a fourth weekly advance, the expected increase is smaller than the 5 million-barrel gain a week earlier. Click Read More below for additional information.