Oil Logs Gain As Investors Await OPEC Meeting

By Mark DeCambre Markets MarketWatch Pulse

Crude-oil prices on Thursday settled modestly higher, adding to the previous session's advance as the market focused on decreasing stockpiles ahead of a highly anticipated meeting of OPEC. West Texas Intermediate crude trading on the New York Mercantile Exchange for June delivery settled 28 cents, or 0.6%, higher at $49.35 a barrel. Market participants are looking forward to a May 25 meeting of the Organization of the Petroleum Exporting Countries in Vienna, where an extension of efforts to curb global output will be discussed and outlined, with a possible extension into March 2018 under consideration. Moves for crude come as data on Wednesday from the U.S. Energy Information Administration showed that the amount of crude, gasoline and diesel fuel in storage declined in the week ended Friday. However, a decline of 1.75 million barrel in crude stockpiles fell short of Street expectations. Production by U.S. shale producers has been the crude market's biggest bugaboo.

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