Crude oil prices remained flat on Wednesday as the market awaits a report on oil stockpiles in the US, the world’s biggest oil consumer, which is expected to show a downward trend to a two-year low.
Futures for the North American West Texas Intermediate (WTI) for December delivery rose 0.02% higher to $82.51 per barrel on the New York Mercantile Exchange at the time of writing.
While the European benchmark Brent crude for December settlement gained 0.11% to $86.32 a barrel on the ICE Futures Europe exchanged based in London.
While oil traders awaits crude stockpiles report from the Energy Information Administration (EIA), analysts are expecting oil stockpiles in the US, the world’s biggest oil consumer, to increase by 3 million barrels in the week ended October 17. That would mark a third weekly advance in a row.
A separate report released from the American Petroleum Institute showed that crude inventories increased by 1.2 million barrels last week, compared to analysts forecast of a rise of 2.7 million barrels.
Free Reports:
China processed 42.02 million metric tons of crude oil in September, approximately 10.3 million barrels a day, according to a report from the National Bureau of Statistics in Beijing.
The report also showed that China’s crude output in September rose 1% to 17.16 million tons, while gas production increased 8.8% to 9.5 billion cubic meters.
The world’s second largest economy released a report which showed that China’s gross domestic product figure for the third quarter expanded at the weakest pace in five years. The nation’s GDP expanded 7.3% year-on-year, compared to a forecast of a 7.2% growth.
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