Oil Eases Off One-Month High On Surprise US Crude Build
The inventory surplus is likely to decline even without a prolonged cut, analysts at JBC Energy said.
"In the event of OPEC/non-OPEC not extending the cuts into the second half, the world would still continue to draw stocks at a mild pace of about 200,000 bpd until September, thereby lending support to prices one way or another," JBC said.
However, a rise in U.S. output is likely to pressure prices, analysts said.
(Additional reporting by Scott DiSavino in New York, Alex Lawler in London, Henning Gloystein in Singapore; editing by David Gregorio and Marguerita Choy)
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