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3 Nov 2015
Oil ticks higher ahead of US supply data
FXStreet (Mumbai) - Oil prices at both the sides of the Atlantic trade with moderate gains in the European session ahead of the weekly supply data in the US.
At the time of writing, Brent futures were up 16 cents around USD 49.00/barrel. WTI oil was up 24 cents around USD 46.38/barrel. Prices fell on Monday on account of weak China data and record high Russian output.
The Oil traders now await weekly US supply data - from American Petroleum Institute (API) today and Energy Information Administration (EIA) on Wednesday. As per Reuters poll, the EIA figure on Wednesday is likely to show oil stockpiles rose by 2.7 million barrels last week; up for a sixth consecutive week as supply outstrips demand.
The gains are being capped as the traders believe the supply glut issue is here to stay for a long time as Iran is expected to pump more, while a possible drop in the US output may not be enough to counter the drop in demand.
At the time of writing, Brent futures were up 16 cents around USD 49.00/barrel. WTI oil was up 24 cents around USD 46.38/barrel. Prices fell on Monday on account of weak China data and record high Russian output.
The Oil traders now await weekly US supply data - from American Petroleum Institute (API) today and Energy Information Administration (EIA) on Wednesday. As per Reuters poll, the EIA figure on Wednesday is likely to show oil stockpiles rose by 2.7 million barrels last week; up for a sixth consecutive week as supply outstrips demand.
The gains are being capped as the traders believe the supply glut issue is here to stay for a long time as Iran is expected to pump more, while a possible drop in the US output may not be enough to counter the drop in demand.