Oil seesaws ahead of EIA stockpiles
NEW YORK, July 19, 2017 – Oil swung between moderate gains and losses Wednesday after industry data showed a surprise rise in U.S. crude stocks.
U.S. crude was up 15 cents, or 0.32%, at $46.55 at 08:00 ET. Brent added 22 cents, or 0.45%, to $49.06.
The American Petroleum Institute Tuesday reported a rise in U.S. crude stocks of 1.6 million barrels in the latest week.
Attention now turns to the Energy Information Administration’s official inventories report later in the session.
The EIA is forecast to report a fall in crude stocks of about 3.2 million barrels.
Output cuts by major producers have failed to make significant inroads into global stockpiles.
OPEC and non-OPEC producers have agreed to curb output by 1.8 million barrels a day through to March.
OPEC is due to attend a meeting in Russia on the current market situation beginning later this week.