Oil rises ahead of US inventory data

By FXStreet 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.
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Source:: FX Street