15 Sep 2015
Oil prices rise ahead of inventory data
FXStreet (Mumbai) - Crude oil prices at both the sides of the Atlantic rose on Tuesday ahead of the inventory data in the US, although global growth concerns kept gains under check.
At the time of writing, the WTI crude for October delivery traded 0.9% higher at USD 44.41/barrel. Brent crude for October delivery strengthened 0.5% to trade at USD 47.60/barrel.
Prices found support after market intelligence company Genscape said that inventories could have declined by 1.8 million barrels at Cushing. Furthermore, in their latest reports, the International Energy Agency and the Organization of the Petroleum Exporting Countries cut forecasts for non-OPEC and US oil supply.
The latest weekly report from industry group the American Petroleum Institute is due in the late NY session. The US government's Energy Information Administration issues its inventory report on Wednesday.
At the time of writing, the WTI crude for October delivery traded 0.9% higher at USD 44.41/barrel. Brent crude for October delivery strengthened 0.5% to trade at USD 47.60/barrel.
Prices found support after market intelligence company Genscape said that inventories could have declined by 1.8 million barrels at Cushing. Furthermore, in their latest reports, the International Energy Agency and the Organization of the Petroleum Exporting Countries cut forecasts for non-OPEC and US oil supply.
The latest weekly report from industry group the American Petroleum Institute is due in the late NY session. The US government's Energy Information Administration issues its inventory report on Wednesday.