Oil halted 3 consecutive days of gains around the $51 a barrel as market participants are on the lookout for rising us crude inventories singled in industry data will also be shown by government figures.
Energy futures lost 0.6% in New York following a climb of 4.1% in the previous three sessions. According to the American Petroleum Insitute reported that inventories increased by 3.1 M as of last week.
Crude oil prices are seen moving lower on Thursday, following the data previous Wednesday showed that U.S. crude inventories rose unexpectedly last week, eclipsing recent signs that the market is tightening, while markets awaited the U.S. Energy Information Administration’s weekly report due later in the day.
Global supply and demand for crude oil will be largely balanced next year, as growth in consumption helps erode a three-year-old overhang of unused fuel and should mostly offset a steep rise in output, the International Energy Agency said on Thursday.
In its monthly oil market report, the Paris-based IEA said it continues to see global demand for crude growing by 1.6 million barrels per day in 2017, before moderating to 1.4 million bpd in 2018.
Thursday’s inventories are forecasted to show a drop in stockpiles for the third consecutive week, with global supply and demand estimates for 2018 revealing that stockpiles may not fall further.