Get 40% Off
These stocks are up over 10% post earnings. Did you spot the buying opportunity? Our AI did.Read how

Oil edges lower ahead of U.S. industry inventory data

Published 02/28/2017, 08:17 AM

Investing.com - Oil edged lower Tuesday ahead of the release of industry figures for U.S. inventories.
Brent crude was off 19 cents, or 0.34%, at $56.23 at 08:00 ET. U.S. crude shed 14 cents, or 0.26%, to $53.91.
American Petroleum Institute inventory figures are due out later in the session.
These will be followed Wednesday by official Energy Information Administration inventories.
Reuters quoted OPEC and industry sources as saying Saudi Arabia is targeting an oil price of $60 a barrel this year.
OPEC and non-OPEC producers are implementing agreed cuts of 1.8 million barrels a day in the first half of the year.
There has been talk of a possible extension of the cuts depending on how oil prices develop.
Initial compliance with the cuts has been estimated as high.
Increased North American shale could counteract the impact of the cuts.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.