Oil Rises After 2-Day Loss; US Inventories Seen Up Again

Reuters

NEW YORK, Oct 28 (Reuters) - Crude oil prices closed higher on Tuesday, with Brent finishing just above $86 a barrel after two straight days of losses, helped by a weaker dollar and a rally on Wall Street.

But worries about a third weekly build in a row in U.S. crude inventories capped gains.

Crude stockpiles in the United States were forecast to have risen 3.4 million barrels in the week to Oct. 24, while inventories of distillates and gasoline were seen lower, according to a Reuters survey.

Industry group American Petroleum Institute will issue its inventory report for the week at 4.30 p.m. EDT (2030 GMT). The U.S. government's Energy Information Administration will release on Wednesday its own official data for the same period.

Oil rode the coattails of U.S. stocks which surged late in Tuesday's session as better-than-expected earnings eased worries about the outlook for corporate America.

"We were treading water through the day, until we latched on in the afternoon to the stockmarket run-up," said Phillip Streible, senior market strategist at RJO Futures in Chicago, Illinois. "To me, this isn't a convincing rebound for oil, and I expect the market to reverse course by tomorrow."

Brent for December delivery settled up 20 cents at $86.03 a barrel.


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Brent Crude Oil : $55.23/BBL 0.46%
Light Crude Oil : $52.75/BBL 0.62%
Natural Gas : $3.24/MMBtu 1.25%
Updated in last 24 hours