Oil rose 7% on next month , rebounding from the previous day of declines and a about 1% slump the previous day , as traders weighed the growing likelihood that the Organization of the Petroleum Exporting Countries ( OPEC ) and allied producers would cut output at a meeting next month to prop up prices. Oil pours out of a spout from Edwin Drake's original 1859 Prices pared gains in post-settlement trade as OPEC said crude inventories rose by 8.8 million barrels in the week ended 9 November to 440.7 million , compared with analysts’ expectations for an increase of 3.2 million barrels .
Oil rose 7% on next month , rebounding from the previous day of declines and a about 1% slump the previous day , as traders weighed the growing likelihood that the Organization of the Petroleum Exporting Countries ( OPEC ) and allied producers would cut output at a meeting next month to prop up prices. Prices pared gains in post-settlement trade as OPEC said crude inventories rose by 8.8 million barrels in the week ended 9 November to 440.7 million , compared with analysts’ expectations for an increase of 3.2 million barrels .