LONDON: Global oil prices rebounded slightly yesterday as traders awaited key US stockpiles data and eyed next week’s crucial Opec output meeting.
Brent North Sea crude for delivery in January rose 56 cents to $79.03 a barrel nearing midday in London. US benchmark West Texas Intermediate for December added 24 cents to $74.85 per barrel.
Later yesterday, all eyes will be on the weekly commercial crude stockpiles report from the US government’s Department of Energy (DoE).
The report is a key focus for the global oil market because the United States is the world’s top crude consuming nation, followed by China. “Crude oil prices rebounded from earlier losses and edged higher today ahead of the release of the DoE report,” said senior analyst Myrto Sokou at the Sucden brokerage in London.
“However, the fundamental picture remains fairly gloomy due to ongoing build-ups in crude oil stocks.” American crude inventories are expected to have fallen by one million barrels in the week to November 7, according to analysts polled by Dow Jones Newswires.
AFP
