Oil traded near $44 a barrel before U.S. government data forecast to show crude stockpiles expanded in the world’s biggest consumer.
Futures rose as much as 0.6 percent in New York after falling 1 percent Monday for a fourth day of declines. Inventories probably increased by 1.28 million barrels through Nov. 6, according to a Bloomberg survey before a report from the Energy Information Administration Thursday. That would be the seventh straight weekly gain.
Oil has slumped about 43 percent in the past year amid signs a global glut will persist as rising U.S. inventories keeps the nation’s supplies more than 100 million barrels above the five-year seasonal average. The market will be more balanced next year, Abdalla El-Badri, the secretary general of the Organization of Petroleum Exporting Countries, said in Doha.
West Texas Intermediate for December delivery was at $44.12 a barrel on the New York Mercantile Exchange, up 25 cents, at 7:34 a.m. Hong Kong time. The contract fell 42 cents to $43.87 on Monday. The volume of all futures traded was about 76 percent below the 100-day average.
Brent for December settlement lost 23 cents, or 0.5 percent, to $47.19 a barrel on the London-based ICE Futures Europe exchange on Monday. The European benchmark crude ended the session at a premium of $3.32 to WTI.
Source : Bloomberg