9 Jun 2015
Crude oil rises ahead of EIA, OPEC and IEA demand forecasts
FXStreet (Mumbai) - Crude prices at both the sides of the Atlantic advanced on Tuesday ahead of the release of the Energy Information Agency’s (EIA) monthly short-term outlook.
Fresh demand-supply forecasts awaited
The US Energy Information Administration is scheduled to release its monthly short-term energy outlook later Tuesday, OPEC will issue its oil report on Wednesday and the International Energy Agency’s report comes out Thursday.
Investors will scan the reports for for fresh supply-demand forecasts to determine the direction of oil prices.
The prices have ticked higher today despite the strength in the USD index and fall in Chinese crude imports. The initial impetus in the Asian session came from a disappointing Chinese inflation report, which triggered hopes of fresh Chinese stimulus.
Front-month WTI futures currently trade 2.75% higher at USD 59.74/barrel, while Brent futures trade 1.91% higher at USD 64.60/barrel.
Fresh demand-supply forecasts awaited
The US Energy Information Administration is scheduled to release its monthly short-term energy outlook later Tuesday, OPEC will issue its oil report on Wednesday and the International Energy Agency’s report comes out Thursday.
Investors will scan the reports for for fresh supply-demand forecasts to determine the direction of oil prices.
The prices have ticked higher today despite the strength in the USD index and fall in Chinese crude imports. The initial impetus in the Asian session came from a disappointing Chinese inflation report, which triggered hopes of fresh Chinese stimulus.
Front-month WTI futures currently trade 2.75% higher at USD 59.74/barrel, while Brent futures trade 1.91% higher at USD 64.60/barrel.