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.


Content 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 Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.