Oil Heads for Second Weekly Drop as Stockpiles Exacerbate Glut

Futures rose 0.3 percent in New York, paring the weekly decline to 3.8 percent. Inventories expanded for a fourth week through Oct. 16, keeping supplies more than 100 million barrels above the five-year seasonal average, data from the Energy Information Administration showed Wednesday. OPEC is unlikely to adjust its production quota, according to Ryan Lance, chief executive officer of ConocoPhillips.

Source:: Oil Heads for Second Weekly Drop as Stockpiles Exacerbate Glut

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