Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Oil Prices Halt 2-Day Decline as Focus Shifts to U.S. Stockpile Data

Published 01/15/2019, 08:20 AM
Updated 01/15/2019, 08:20 AM
© Reuters.

Investing.com - Oil prices pushed higher on Tuesday, halting a two-day losing streak as market players looked ahead to the release of fresh weekly data on U.S. commercial crude inventories.

U.S. West Texas Intermediate crude futures for March delivery on the New York Mercantile Exchange tacked on 85 cents, or around 1.7%, to $51.36 a barrel by 8:20AM ET (13:20 GMT), after losing $1.08, or 2.1%, a day earlier.

The American Petroleum Institute is due to release its weekly report for the week ended Jan. 11 at 4:30PM ET (21:30 GMT), amid expectations of a drop of about 1.5 million barrels.

The U.S. Energy Information Administration's weekly report will be released on Wednesday.

Elsewhere, Brent oil for March delivery on the ICE (NYSE:ICE) Futures Exchange in London rose 98 cents, or about 1.6%, to $59.97 a barrel. The global benchmark lost $1.49, or nearly 2.5%, on Monday.

HSBC said it was cutting its average 2019 Brent price forecast by $16 per barrel, to $64 per barrel, citing surging U.S. production and an "increasingly uncertain demand backdrop".

In other energy trading, gasoline futures jumped 2.1% to $1.392 a gallon, while heating oil gained 0.9% to $1.869 a gallon.

Natural gas futures added 0.5% to $3.611 per million British thermal units. The contract soared roughly 16% on Monday to a more than one-week high, as colder weather boosted demand for the heating fuel.

-- Reuters contributed to this report

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.