Brent crude futures, an international benchmark for oil prices, were up $0.2 to $59.09 a barrel at 1153 GMT. US West Texas Intermediate (WTI) crude futures rose $0.4 to $54.02 a barrel. The Energy Information Administration’s (EIA) weekly oil inventories report was due at 1030 EDT (1430 GMT). “Even if the EIA were to confirm the API crude oil number this afternoon, the momentum off a single number can easily fade as the economy is front and centre for global markets right now,” said Harry Tchilinguirian, global oil strategist at BNP Paribas. Iran’s Oil Minister Bijan Zanganeh said he expected a slight surplus on the oil supply side next year.

Source: The Express Tribune October 02, 2019 13:41 UTC