Oil Steady on Lower U.S. Stockpile Forecast While Storm Eases - Bloomberg

Oil Steady on Lower U.S. Stockpile Forecast While Storm Eases - Bloomberg:

Oil traded near $60 a barrel amid forecast U.S. crude inventories fell for a fifth week, while some production in the Gulf of Mexico is returning as a tropical storm eased. 


Futures were up 0.2% in New York after sliding 1.1% on Monday. Oil producers and refiners along the coast are restoring operations after storm Barry was downgraded, with about 69% of crude output in the Gulf still shuttered, down from a peak of 73% on Sunday. American crude inventories probably declined by 2.75 million barrels, according to a Bloomberg survey.

August West Texas Intermediate rose by 13 cents to $59.71 on the New York Mercantile Exchange as of 10:46 a.m. in London. Brent for September settlement rose 13 cents to $66.61 a barrel on the ICE Futures Europe Exchange and traded at a premium of $6.80 to WTI for the same month.