Oil traded near $47 a barrel before U.S. government data forecast to show crude stockpiles extended declines, easing a glut.
Futures were little changed in New York after slumping 2.4 percent Monday. Inventories probably dropped by about 3.5 million barrels last week, according to a Bloomberg survey before an Energy Information Administration report on Wednesday. Libya halted loadings from its biggest oil field in the latest disruption to the OPEC nation’s crude production and shipments.
Oil in New York has fluctuated below $50 a barrel as investors weigh rising global output against supply cuts by the Organization of Petroleum Exporting Countries and its allies that is draining a global glut slower than expected. Compliance to the agreement was about 94 percent during July, according to two people familiar with the matter.
Source: Bloomberg Pro Terminal
Jr Trader Alexander Kumanov
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