Oil Near Three-Week High as Investors Await U.S. Inventory Data
Futures in New York slid 0.3 percent after closing at the highest since Feb. 5 on Monday as crude exports from a key Libyan terminal were disrupted. The focus now shifts to U.S. stockpiles, which are forecast to have risen last week. While they increased in three of the past four weeks, the pace of gains slowed, allaying fears that American supply will undermine OPEC’s output curbs.
U.S. inventories probably rose by 2 million barrels last week, following a surprise drop in the previous week, according to a Bloomberg survey before Energy Information Administration data due Wednesday. The number of rigs drilling for oil in the U.S. has risen for five consecutive weeks to the highest in almost three years, Baker Hughes data show.
more detail at: https://www.bloomberg.com/news/articles/2018-02-27/oil-halts-gains-near-64-as-u-s-crude-stockpiles-seen-expanding