The demand side of the oil equation got a substantial bonus via today’s data about China, suggesting prices will continue to move higher on improving global growth and risk sentiment. WTI Crude is $64.44; Brent is $72.08 this morning.
Analysts on average expect U.S. crude stockpiles to have risen by 1.9 million barrels last week. The first of this week’s stockpile report, seeing its fourth straight increase, is due from the American Petroleum Institute. WTI Crude is $63.52; Brent is $71.30.
Money managers raised optimistic wagers on Brent crude for a fifth straight week while closing out pessimistic bets by the most since January as turmoil in major oil-producing nations heightened supply concerns say analysts. WTI Crude is $63.27; Brent is $70.92 this morning.
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