Futures News Oil 

Oil moves up after 2-session decline, but worries over demand prospects persist

“They also forecast supply declines of nearly 1.8 million barrels for gasoline and 2.6 million barrels for distillates” writes Saefong William Watts for marketwatch.com. Meanwhile, the EIA on Tuesday also forecast U.S. shale oil production to rise 58,000 barrels a day in November to a record 8.971 million barrels a day.Weekly U.S. petroleum supply data is delayed by a day this week because of Monday’s Columbus Day federal holiday.The EIA data are expected to show crude inventories up by 4 million barrels last week, according to analysts polled by S&P Global Platts.Oil futures edged higher on Wednesday, looking to recoup some of the losses they suffered over the past two trading sessions, but worries over demand prospects remained, with prices holding onto a sizable week-to-date loss.
Source: marketwatch.com

Related posts