West TX Oil Steady Below $83.50 as Fuel Supply Seen Falling

West Texas Intermediate rose for a second day before a report that may show motor-fuel inventories shrank to a two-year low in the U.S., the biggest oil consumer. Brent was steady in London.

December futures climbed as much as 0.5 percent in New York. Gasoline stockpiles probably fell by 1.45 million barrels to 204.2 million, according to a Bloomberg News survey before data from the Energy Information Administration today. That would be the lowest since November 2012. Inventories slid by 500,000 barrels through Oct. 17, the American Petroleum Institute reported yesterday, according to Bain Energy.

Oil is paring its collapse into a bear market as banks including BNP Paribas SA and Bank of America Corp. predict the rout may be over. They’re in part counting on the Organization of Petroleum Exporting Countries to reduce supply as the U.S. pumps the most oil in almost three decades.

Bloomberg

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.