Oil Futures Edge Higher
Crude oil prices are higher Wednesday morning, rebounding from losses in the previous session, ahead of weekly inventory data.
However, persisting worries about outlook for energy demand due to the surge in coronavirus cases, and concerns about excess supply in the market due to easing of production cuts by OPEC+, appear to be limiting oil’s upside.
West Texas Intermediate Crude oil futures for October are up $0.48 or 1.3% at $37.24 a barrel.
Brent crude futures are gaining $0.44 or about 1.1% at $40.22 a barrel.
Oil prices had tumbled nearly 8% on Tuesday amid rising worries about demand growth, and a stronger dollar.
Several countries, including India, the U.K., Spain and France have been reporting a surge in new coronavirus cases since the past weekend.
The American Petroleum Institute is scheduled to release its weekly oil report later today. The Energy Information Administration’s inventory data is due out at 10:30 am Wednesday.