Oil held its gains
near $42 a barrel before U.S. government data forecast to show crude
stockpiles expanded for an eighth week in the world’s biggest consumer.
Futures were little
changed in New York after rising 2.5 percent Monday as France bombed
targets in Syria in response to terrorist attacks in Paris. Inventories
probably increased by 1.75 million barrels last week, according to a
Bloomberg survey before Energy Information Administration data
Wednesday. The average price of crude sold by OPEC fell below $40 a
barrel for the first time since 2009, according to the organization’s
secretariat in Vienna.
Oil has slumped about
45 percent the past year amid speculation a global glut will persist as
the Organization of Petroleum Exporting Countries continues to pump
above its collective quota. French President Francois Hollande called on
the U.S. and Russia to forge a new alliance to destroy Islamic State.
West Texas
Intermediate for December delivery was at $41.86 a barrel on the New
York Mercantile Exchange, up 12 cents, at 8:40 a.m. in Hong Kong. The
contract climbed $1 to $41.74 on Monday. The volume of all futures
traded was about 34 percent below the 100-day average.
Brent for January
settlement advanced 9 cents, or 0.2 percent, to $44.56 a barrel on the
London-based ICE Futures Europe exchange on Monday. The European
benchmark crude ended the session at a premium of $1.77 to WTI for
January.
Source: Bloomberg
0 komentar :
Post a Comment