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
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