The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Oil traded near a three-week high after a supply disruption in Libya and as investors await US inventory data. Futures in New York slid 0.3 percent after closing at the highest since February 5 as crude exports from a key Libyan terminal were disrupted.
The focus now shifts to US 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. The Organization of Petroleum Exporting Countries and its allies are committed to erasing a supply glut as they deliver deeper production cuts than promised, United Arab Emirates Energy Minister Suhail Al Mazrouei said on Tuesday. Still, oil is struggling to regain the highs of January as the US pumps record volumes.
“Currently we are in a wait and see mode for the upcoming inventory data,†said Giovanni Staunovo, an analyst at UBS Group AG in Zurich.