Doubts over extending output cuts made the Oil prices fall

Oil falls on doubts over extending output cuts showing a surprise rise in U.S. crude stocks.

Doubts over extending output cuts made the Oil prices fall yesterday. There were doubts that the OPEC and Russia will agree on extending a crude production cut that the market has already priced in, and after a report of an unexpected rise in U.S. crude oil inventories.

U.S. West Texas Intermediate (WTI) crude futures were at $57.69 a barrel at 0543 GMT, down 30 cents, or 0.5 percent below their last settlement.

Traders said WTI was pulled lower by a report from the American Petroleum Institute (API) late on Tuesday that showed U.S. crude inventories rose by 1.8 million barrels in the week ended Nov. 24 to 457.3 million barrels.

WTI was also weighed down by the gradual restart on Tuesday of the Keystone pipeline, which supplies Canadian crude to the United States.

Brent crude futures, the international benchmark for oil prices, were at $63.17 a barrel, down 44 cents, or 0.7 percent.

Oil prices have received a broad lift this year, with Brent up by 40 percent since mid-2017, due to an effort by the Organization of the Petroleum Exporting Countries (OPEC) and a group of other producers, led by Russia, to withhold 1.8 million barrels per day (bpd) of output.

The deal expires in March 2018, but OPEC will meet on Nov. 30 and is expected to discuss ways of extending the cut.