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Oil extends gains ahead of stockpile data

Published 27/06/2017, 10:31 pm
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Investing.com - Oil Tuesday extended its recovery from multi-month lows but concerns about bloated supply continued to overhang the market.
U.S. crude was up 53 cents, or 1.22%, at $43.91 at 08:00 ET. Brent added 73 cents, or 1.59%, to $46.77.
Higher U.S. output continues to weigh on output cuts by major producers.
OPEC and non-OPEC producers have agreed to reduce output by 1.8 million barrels a day through to March of next year.
Nigeria and Libya, which are exempt from the OPEC-led cuts, have also raised production.
The American Petroleum Institute is due to release stockpile data for the latest week later in the session.
These will be followed Wednesday by official Energy Information Administration inventories.
The EIA is expected to report a draw of about 2.3 million barrels in U.S. crude stocks.
The market was supported by a weaker dollar.

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