Oil futures finish higher ahead of data expected to show a weekly decline in U.S. crude supplies

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Oil futures finished higher on Tuesday ahead of data that are expected to show a second straight weekly decline in U.S. crude supplies. On average, analysts polled by S&P Global Platts expect the Energy Information Administration on Wednesday to report a fall of 4 million barrels in domestic crude inventories for the week ended Sept. 18. Oil’s climb Tuesday was modest however, as energy traders struggled “to assess the uncertainty with U.S. production as we approach the last two months of hurricane season [and] how bad the demand outlook will get following the winter wave of the coronavirus,” as Libyan oil production slowly bounces back, said Edward Moya, senior market analyst at Oanda. October West Texas Intermediate oil , which expired at the end of the day’s session, rose 29 cents, or 0.7%, to settle at $39.60 a barrel on the New York Mercantile Exchange. The new front-month contract, November WTI crude settled at $39.80, up 26 cents, or 0.7%.
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