Crude oil swung between gains and losses early Friday yet its heading for the biggest weekly loss on four months amid rising supplies in the US, the world’s biggest oil consumer, which climbed for a fifth week in the seven days ended October 18.
US crude oil inventories rose by 5.2 million barrels last week, the fifth-largest increase this year, reaching the highest level since June, according to data from the Energy Information Administration released Wednesday, due to falling demand.
- WTI crude oil futures for December is trading around $97.15 a barrel after rising $0.04
- Brent futures for December settlement is trading around $107.03 a barrel after rising $0.04
Investors will be keeping an eye on China`s money market since the benchmark rates advanced sharply this week amid believes Beijing will tighten its monetary policy which could lead to a drop in crude demand from the world`s second-largest oil consumer.
However, some relief comes from China’s data which showed this week that the manufacturing sector expanded by the most in seven months during October on strong new orders, providing further evidence the economy is stabilizing.
- Natural gas is trading at $3.615 per cubic feet after falling 0.39%
- Gasoline is trading at $2.5837 per cubic feet after falling 0.23%
- Heating oil (diesel) is trading at $2.9034 a gallon after rising 0.11%
US crude oil inventories rose by 5.2 million barrels last week, the fifth-largest increase this year, reaching the highest level since June, according to data from the Energy Information Administration released Wednesday, due to falling demand.
- WTI crude oil futures for December is trading around $97.15 a barrel after rising $0.04
- Brent futures for December settlement is trading around $107.03 a barrel after rising $0.04
Investors will be keeping an eye on China`s money market since the benchmark rates advanced sharply this week amid believes Beijing will tighten its monetary policy which could lead to a drop in crude demand from the world`s second-largest oil consumer.
However, some relief comes from China’s data which showed this week that the manufacturing sector expanded by the most in seven months during October on strong new orders, providing further evidence the economy is stabilizing.
- Natural gas is trading at $3.615 per cubic feet after falling 0.39%
- Gasoline is trading at $2.5837 per cubic feet after falling 0.23%
- Heating oil (diesel) is trading at $2.9034 a gallon after rising 0.11%