Oil steadied above $89 a barrel Wednesday, supported by concerns that the OPEC may announce an output cut if prices fall more, although data from the world`s largest economies suggesting slower growth and fuel demand hindered a choppy rally in the past two days.
Brent crude also held above $100 a barrel as traders awaited possible announcements from the OPEC this week and the outcome of fresh talks between Iran and the members of the group on the issue of likely maintaining oil prices around $100 a barrel in global oil markets.
WTI crude added 42 cents, or 0.47 percent to $89.60 a barrel as of 02:59 a.m. EST. ICE Brent crude gained 17 cents, or 0.17 percent, to $100.48 a barrel. Oil gains are expected to remain in check on the heels of weak economic data from Chinese factories and German businesses.
However, support was offered by growing expectations that the world`s largest economy could register strong Gross Domestic Product (GDP) growth of 3 percent in the first quarter on Friday, following an anemic growth rate of 0.3 percent in the final quarter of 2012.
Concerns over the fuel outlook and weak demand in the world`s top-oil consumers continue to force energy into a choppy trade and basically consolidation is what we should expect out of the recent economic momentum, suggesting the economy is still far from full recovery.
Data from API showed yesterday that crude oil stockpiles fell by 845 thousand barrels last week, missing analysts` median estimate for an increase of 1.5 million barrels. Later today, the EIA is expected to show that U.S. commercial inventories rose by 2 million barrels last week.
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Oil Gains Capped, OPEC Eyed
Published 04/24/2013, 06:03 AM
Updated 07/09/2023, 06:31 AM
Oil Gains Capped, OPEC Eyed
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