|08-26-2014, 02:35 PM||#1|
Oil futures slightly higher before US inventory data
Crude oil prices were few cents higher early Tuesday, with West Texas Intermediate trading near the lowest in seven months ahead of inventory data from the world`s biggest oil consumer.
The global oil benchmark remain notably weak despite overnights gains amid signs the US economy is picking steam, in contrast to the wailing recovery of its European counterpart. The supply pressure is also keeping gains limited despite rising geopolitical tensions around the world. However, the sideway trade continue to be the main theme ahead of US supply data due to be released today and tomorrow.
As of 03:30 a.m. ET:
- West Texas Intermediate for October delivery rose 0.36% to $93.69 a barrel.
- Brent for delivery in October rose 0.26% to $102.92 a barrel on the ICE Exchange in London
Investors will be carefully watching the Ukraine talks, as the presidents of Ukraine and Russia will meet in Minsk, Belarus later Tuesday. The talks come as a second convoy of vehicles carrying what humanitarian aid to enter Ukraine while Kiev accuses Moscow of moving tanks across the border.
In Libya, the US and its European allies have condemned escalating violence, after Islamist militants took control of an international airport in Tripoli.
Meanwhile, the US is preparing to send surveillance aircraft into Syria to gather intelligence on Islamist targets.
The supply pressure again is keeping futures stuck in thin trade ahead of the weekly US oil inventory data due on Tuesday and Wednesday that could offer more clues on supply and demand in the world`s biggest oil consumer.
Industry data by the American Petroleum Information due to be released later today, followed by the US Energy Information Administration’s report on Wednesday are expected to show further declines in crude stocks last week.
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