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MTECHTIPS:-Oil regains strength as focus shifts to U.S. stockpile data

Wednesday, November 2, 2016 0:50

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MTECHTIPS:-Oil regains strength as focus shifts to U.S. stockpile data

MTECHTIPS- Oil prices pushed higher during North American hours on Tuesday, bouncing back after plunging 4% to one-month lows in the prior session as market players looked ahead to weekly data from the U.S. on stockpiles of crude and refined products. Industry group the American Petroleum Institute is due to release its weekly report at 4:30 PM ET (20:30 GMT) later on Tuesday. Official data from the Energy Information Administration will be released Wednesday, amid forecasts for an oil-stock increase of 1.0 million barrels. Crude oil for December delivery on the New York Mercantile Exchange inched up 35 cents, or 0.75%, to $47.21 a barrel by 9:35 AM ET (13:35 GMT). The contract tumbled $1.84, or 3.78%, in the prior session, after falling to as low as $46.63, a level not seen since September 29. Elsewhere, Brent oil for January delivery on the ICE Futures Exchange in London tacked on 48 cents, or 0.99%, to $49.09 a barrel, after losing $2.07, or 4.08%, on Monday. London-traded Brent prices slumped to $48.61 during the previous session, a level not seen since September 29, amid mounting skepticism over the implementation of a planned deal by OPEC to limit production.

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Comments

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truck driver

Road salt and calcium chloride they put on the roads in the winter will eat up those electric cars. Like chunks of white corrosion all over the batteries and wires creating no connection.

Nov 2, 2016, 1:49 am 0 Reply

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