Oil Prices Set for Weekly Decline Despite Inventory Draw and OPEC+ Update

Crude oil prices were up earlier today but were still heading for a loss even after the U.S. Energy Information Administration reported a weekly decline in inventories and OPEC+ said it would delay its rollback of production cuts by two months. The EIA reported an estimated inventory decline of 6.9 million barrels for the week to August 30 on Thursday, which pushed prices higher for a while but did not offset earlier losses. Also on Thursday, media reported that OPEC+ had decided to delay its potential partial reversal of production cuts by two…