MTECHTIPS-Crude oil settles higher on bets US inventories falling

MTECHTIPS-Crude oil settles higher on bets US inventories falling

MTECHTIPS-Crude futures settled higher on Tuesday, as traders looked ahead to the release of U.S. inventories data expected to show U.S. supplies of crude oil fell for an eighth-straight week. On the New York Mercantile Exchange crude futures for October delivery rose 27 cents to settle at $47.64 a barrel, while on London’s Intercontinental Exchange, Brent gained 32 cents to trade at $51.98 a barrel. Crude oil halted its slippery start to the week, as traders piled into oil futures on the back of expectations that weekly inventory data will show U.S. crude supplies continue to fall, easing the glut of excess supplies which have pressured prices for more than three years. A fresh batch of U.S. crude inventory data from the American Petroleum Institute on Tuesday as well as a further report from EIA on Wednesday is expected to show supplies of crude oil fell the eighth-straight week. Analysts forecast crude inventories fell by 3.5 m barrels in the week ended Aug 18. Gasoline inventories, however, are expected to be closely watched, as gasoline demand tends to ease, following the end of the U.S. ‘summer driving season’. The rebound oil futures comes amid concerns over Opec’s ability to stem the glut in supply, after an Opec meeting on Monday failed to yield any tangible measures to address the group’s waning compliance with deal to curb output

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