Oil extended gains to trade near $39 a barrel in New York, buoyed by an industry report of a surprise drop in U.S. crude stockpiles and advances in other financial markets.
The American Petroleum Institute reported crude stockpiles declined by 9.52 million barrels last week, according to people familiar with the numbers. That contrasts with an increase forecast in a Bloomberg-compiled survey before government data due Wednesday. While the global economy is still expected to shrink this year, the slump won’t be as sharp as previously feared, according to the OECD.
Still, oil investors are processing a slew of bearish calls this week. The International Energy Agency warned on Tuesday that the outlook is “even more fragile” due to a resurgence of the coronavirus. That followed weak demand forecasts from BP Plc, Trafigura Group and OPEC. On the other hand, trading giant Vitol Group was more upbeat, saying inventories will likely fall even further this year.
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