Oil climbs cautiously before EIA's inventory report

Economies.com
2018-11-15 13:17PM UTC

US crude maintained its cautious gains in American trade away from year lows, with gains curbed by a higher than expected inventory build according to initial data, as traders await the official report from the Energy Information Administration. 

 

As of 13:13 GMT, US crude rose to $56.35 a barrel, with a session-high at $56.63, and a low at $55.57. 

 

US crude rose 1.3% yesterday, the first profit in in the last 13 days away from years lows at $54.74 hit earlier this week. 

 

The American Petroleum Institute reported initial data that showed a surge of 8.8 million barrels in US crude stocks in the week ending November 9, the fourth such weekly increase in a row, passing estimates of 3.8 million. 

 

According to their reporting, total stocks are now up to 440.8 million barrels, the highest in 2018, in a negative sign for demand in the world's largest oil consumer. 

 

Now traders await the official EIA report, expected to show a build of 2.9 million barrels, which would be the eighth such weekly increase in a row. 

 

US production on the other hand rose 400 thousand bpd last week to a total of 11.6 million bpd, a record high, making America the world's top producer. 

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