Oil Holds Gains, Buoyed By Hopes For Robust Demand

Oil Holds Gains, Buoyed By Hopes For Robust Demand
Image Credit : .thehindubusinessline

Oil prices eased on Thursday, but held on to most of their gains in the previous session when the market was buoyed by a forecast for firmer global oil demand by the International Energy Agency.

London Brent crude for November delivery was down 18 cents, or 0.3 percent, at $54.98 a barrel by 0642 GMT, after rising 1.6 percent on Wednesday.

NYMEX crude for October delivery was down 9 cents, or 0.2 percent, at $49.21, after a 2.2 percent gain in the previous session.

Wednesday’s gains came despite U.S. government data showing another big build in U.S. crude inventories due to Hurricane Harvey. Read More…

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