Oil pares gains with U.S. Capitol protests shaking risk appetite
Andres Guerra Luz, Bloomberg
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Oil pumping jacks operate in an oilfield near Neftekamsk, in the Republic of Bashkortostan, Russia, on Nov. 19, 2020.Bloomberg photo by Andrey Rudakov
Oil pared gains late in the session as protests in Washington overtook the U.S. Capitol, overshadowing a draw in U.S. crude inventories and Saudi Arabia’s surprise pledge to unilaterally cut output in the next two months.
Futures eased off 10-month highs in choppy trading after the market settled Wednesday. Earlier, oil rose after a U.S. government report showed domestic crude stockpiles declined last week by the most since August and oil exports from Saudi Arabia plunged to zero for the first time in 35 years.