Oil Slips to One-Week Low as U.S. Crude Stockpiles Seen Rising
- U.S. data to show supplies rose third week: Bloomberg survey
- IEA sees oil surplus persisting in 2016 as demand growth slows
Is the Crude and Commodities Relief Rally for Real?
This article is for subscribers only.
Oil slipped to a one-week low amid speculation that U.S. supplies grew as refineries performed seasonal maintenance.
West Texas Intermediate fell 0.9 percent. The Energy Information Administration will probably report on Thursday that U.S. crude stockpiles rose a third week as refineries reduced operating rates, according to a Bloomberg survey. Refiners typically plan maintenance for this time of year because demand dips with the end of the summer driving season. Global markets will remain oversupplied in 2016 as demand growth slows, the International Energy Agency said in a report Tuesday.