Back
10 Sep 2015
Oil rises ahead of US inventory data
FXStreet (Mumbai) - Oil prices in the US rose ahead of the weekly inventory data, although gains are being capped due to concerns of a slowdown in the world and the global economy.
WTI crude oil for October delivery currently trades 13 cents or 0.31% higher at USD 44.30/barrel. Prices had dipped to a low of USD 43.39 earlier today on concerns of a slowdown in the global economy.
China’ s PPI declined in August, its 42nd month of decline, while Car sales dropped 3%, data released today showed. Japan's core machinery orders fell 3.6 percent in July, data showed on Thursday. Crude prices are down more than 3% this week on persistent worries over global demand and a supply glut.
Oil traders now await US government data due for release later today, which may add or provide relief from the supply glut concerns.
WTI crude oil for October delivery currently trades 13 cents or 0.31% higher at USD 44.30/barrel. Prices had dipped to a low of USD 43.39 earlier today on concerns of a slowdown in the global economy.
China’ s PPI declined in August, its 42nd month of decline, while Car sales dropped 3%, data released today showed. Japan's core machinery orders fell 3.6 percent in July, data showed on Thursday. Crude prices are down more than 3% this week on persistent worries over global demand and a supply glut.
Oil traders now await US government data due for release later today, which may add or provide relief from the supply glut concerns.