Crude steady ahead of US inventory data
Crude is steady Thursday as markets awaited the latest weekly snapshot of US energy inventories.
The report is due a day later than usual because of Monday's Labour Day holiday in the United States.
Analysts are forecasting crude stocks fell by 300,000 barrels last week and that distillate inventories rose by 600,000 barrels.
The oil market is also looking ahead to Tuesday's meeting of the Organization of the Petroleum Exporting Countries amid speculation OPEC could cut output if prices hit 100 dollars or below.
In addition, now that fears over Hurricane Gustav have eased, attention is also starting to focus on a string of other approaching storms out in the Atlantic.
At 12 noon London time October crude was 74 cents firmer at $110.09/barrel.
The report is due a day later than usual because of Monday's Labour Day holiday in the United States.
Analysts are forecasting crude stocks fell by 300,000 barrels last week and that distillate inventories rose by 600,000 barrels.
The oil market is also looking ahead to Tuesday's meeting of the Organization of the Petroleum Exporting Countries amid speculation OPEC could cut output if prices hit 100 dollars or below.
In addition, now that fears over Hurricane Gustav have eased, attention is also starting to focus on a string of other approaching storms out in the Atlantic.
At 12 noon London time October crude was 74 cents firmer at $110.09/barrel.
