Oil ends up 3 percent on cold; glut worry persists longer term | Reuters

Oil ends up 3 percent on cold; glut worry persists longer term | Reuters:

"Oil jumped more than $1 a barrel on Tuesday as colder weather prompted buying a day after prices slid 3 percent, but slowing global demand and abundant supplies from OPEC members will continue to pressure the market, traders said.

Global oil benchmark Brent and U.S. crude's West Texas Intermediate (WTI) futures rose about 3 percent or more, after weather forecasts showed the United States may get some cold winter temperatures following an unusually balmy autumn.

Expectations of a drawdown last week in U.S. crude inventories also fed the rally. A Reuters poll suggested that stockpiles fell 2.5 million barrels last week ahead of inventory reports from the American Petroleum Institute on Tuesday and the government-run Energy Information Administration on Wednesday. [EIA/S]"



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