Oil Rises Amid Low Inventories
Oil prices are higher in early Asian trade amid low inventories. Although global inventories have risen this week, the overall level is still low, supporting prices, Nanhua Futures says in a research note.
However, potential gains this week could be capped by persistent concerns about growing supply, Tickmill analyst Joseph Dahrieh says in a note. The resumption of crude flows via the Druzhba pipeline in Europe after a brief halt eased immediate supply worries, he says. "However, the market remains wary of excess supply outweighing demand, which could limit price recovery," he adds.
Front-month WTI crude oil rises 0.4% to $69.53 a barrel and Brent is 0.4% higher at $72.93 a barrel.
Source: Marketwatch