Crude Oil Steady Ahead Of Stocks Data
Crude oil is steady around USD79/barrel this morning, ahead of a US Energy Dept report due at 15.30 GMT that is expected to show crude inventories rose by around a million barrels last week.
Hurricane Ida being downgraded as it made landfall, allowed workers to return to their posts in the Gulf of Mexico which also added a bearish touch.
On the positive side, a weak dollar continues to support crude. News that China - the world's second largest consumer of oil - imported almost 4.5 million barrels/day in October, it's second largest amount ever, was also seen as supportive.
Demand from China is providing a major boost for crude oil, with a slew of supportive data out overnight. Industrial output rose 16.1% in October, and power generation grew at it's fastest in 19 months.
Hurricane Ida being downgraded as it made landfall, allowed workers to return to their posts in the Gulf of Mexico which also added a bearish touch.
On the positive side, a weak dollar continues to support crude. News that China - the world's second largest consumer of oil - imported almost 4.5 million barrels/day in October, it's second largest amount ever, was also seen as supportive.
Demand from China is providing a major boost for crude oil, with a slew of supportive data out overnight. Industrial output rose 16.1% in October, and power generation grew at it's fastest in 19 months.