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Oil higher ahead of U.S. energy data

Oil higher ahead of U.S. energy data

Oil rose further in Asian trade yesterday with investors' mood lifted by expectations of improved demand and economic expansion in the U.S., the world's biggest energy user, analysts said. New York's main contract, light sweet crude for December delivery advanced 16 cents to US$79.71 a barrel. Brent North Sea crude for December delivery was US$0.08 stronger at US$78.
Analysts expect U.S. government data due later yesterday to show gasoline reserves fall by up to 1.2 million barrels in the past week while distillate stocks, which include heating oil, is seen declining by 1.1 million barrels. They expect crude stocks to rise 1.8 million barrels.
Today, the U.S. will release economic data for the third quarter and analysts expect the world's biggest economy to have expanded in the July-September period after four negative quarters in a row.
"This growth will finally show up in the quarterly numbers this week with the release of the 3Q GDP report," analysts from Singapore's DBS bank said in a report. They tipped third quarter growth of 4.5 percent. The market appeared to have ignored a decline in U.S. consumer confidence, preferring instead to focus on today's upcoming third quarter GDP data and weekly energy stockpiles report by the Department of Energy later yesterday.


Updated : 2021-02-26 12:35 GMT+08:00