(Bloomberg) — Oil steadied after posting the first gain in five sessions, as US crude inventories dropped again and Russia pledged to make extra production cuts to compensate for pumping above its OPEC+ quota.
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West Texas Intermediate held above $77 a barrel after gaining 0.8% on Wednesday, with Brent closing below $82. Commercial crude inventories fell by 3.74 million barrels, down for a fourth week, with stockpiles of gasoline also shrinking, according to Energy Information Administration data.
Russia, the largest crude producer among the Organization of the Petroleum Exporting Countries and its allies, will make the additional reductions in October and November of this year, then from March to September of 2025, it said.
Crude has been on a decline since a peak at the start of the month amid concern about a soft demand outlook in China, the largest importer. Futures are still higher year-to-date, as OPEC+ members maintain their output curbs and expectations build of an imminent cut in US interest rates.
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