Oil futures ended lower Wednesday, pressured by data showing a significant weekly climb in U.S. crude inventories, but a report indicating that Russia will support the Organization of the Petroleum Exporting Countries’ deal to curtail output kept losses at a minimum during a volatile trading session.
Reuters, citing comments from Russian Energy Minister Alexander Novak, reported that Russia is ready to support OPEC’s decision to freeze production levels and sees a strong chance that the cartel can agree on terms of agreement by a Nov. 30 meeting Vienna. Novak also said he may meet with Saudi Arabia Energy Minister Khalid al-Falih at a conference in Doha this week