|
Total U.S. crude inventories were expected to fall by 1 million
barrels in weekly reports, although market intelligence firm
Genscape has reported a rise of more than 307,000 barrels at the
Cushing, Oklahoma U.S. crude delivery hub, traders said.
Brent crude for October <LCOc1> was up 13 cents at $45.52 a
barrel by 1042 GMT (0642 ET), after rising $1.12 on Monday. The
global benchmark fell nearly 15 percent in July. U.S. crude for
September <CLc1> was up 21 cents at $43.23.
"One can only wonder how long this enthusiasm will last
considering the oversupplied fundamental backdrop," said Tamas
Varga of oil broker PVM. "Current oil price strength does not
feel justified."
OPEC comments helped fuel the gain on Monday. Its president
Qatar, in a rare statement issued by the group's Vienna
headquarters, said the market was on the path to rebalancing and
the drop in prices would be temporary.
OPEC sources have been saying since June that renewed talks
about a global output freeze could take place in September, when
most members, plus non-members such as Russia, are expected to
attend an International Energy Forum meeting in Algeria.
The oil minister for cash-strapped Venezuela sought to keep
alive the prospect of producer action to boost prices, saying on
Monday a meeting between OPEC and non-OPEC countries may take
place "in the coming weeks".
But Russia said it does not see grounds for new talks with OPEC
yet. Iran, which refused to join an initiative discussed earlier
this year to freeze output levels, has not said whether it would
cooperate with any new effort.
Later on Tuesday, the latest round of U.S. inventory reports
will be in focus. Analysts in a Reuters poll forecast that U.S.
crude stockpiles fell by 1 million barrels last week. [EIA/S]
The American Petroleum Institute, an industry group, is due to
release its inventory update at 2030 GMT, ahead of the
government's report on Wednesday.
(Additional reporting by Osamu Tsukimori in Tokyo; Editing by
Dale Hudson and William Hardy)
[© 2016 Thomson Reuters. All rights
reserved.] Copyright 2016 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
 |
|
