(Bloomberg) — Oil fell after trading in a narrow range as traders weighed rising US crude inventories against expectations that OPEC+ will extend supply cuts.
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West Texas Intermediate edged lower to settle near $78 a barrel, pulled down by broader risk-off sentiment. US crude inventories rose 4.2 million barrels last week, the Energy Information Administration said, a smaller buildup than the 8.4 million barrel gain projected in an industry report.
Read More: Oil Spreads Surge Offers Barely a Flicker of Hope for Bulls
The stockpile increase somewhat damps the narrative of stronger physical markets that had driven crude’s gains in recent sessions. Timespreads have been widening in a bullish, backwardated pattern — with near-term barrels priced above longer-dated ones. So-called physical market swaps and the WTI cash roll have also strengthened.
Oil is pushing toward a modest monthly gain, though prices remain…
