Oil Rises Ahead of EIA Data, OPEC — Market Talk

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Oil Rises Ahead of EIA Data, OPEC — Market Talk

US oil prices rise 1.8% to $24.05/bb following a two-day 17% slide as investors await weekly EIA data at 10:30am ET that could show another large, but manageable rise in US oil inventories. “Crude oil is higher ahead of today’s oil inventories which we see increasing but not at an overwhelming rate,” says Spartan Capital’s Peter Cardillo. A WSJ survey forecasts a 9.3M-bbl crude-oil rise, while trade group API Tuesday reported an 11.9M-bbl increase. Investors then will turn to Thursday’s OPEC meeting as major oil-producing nations try to decide how best to respond to a massive, perhaps 30% decline in global oil demand due to coronavirus.