Oil down 1% after surge on OPEC deal hopes.
Oil Wednesday fell 1% after surging overnight on renewed hopes that a planned cut in output by OPEC will come to fruition.U.S. crude was down 64 cents, or 1.40%, at $45.17 at 07:00 ET, while Brent crude shed 1.24% to $46.37.
OPEC members have stepped up diplomatic efforts to bring home the cut in output to 32.5-33 million barrels a day agreed in September.OPEC is due to hold a formal meeting in Vienna on November 30.
The American Petroleum Institute (API) Tuesday reported an increase of 3.65 million barrels in U.S. crude inventories.