Oil slips towards $77 ahead of U.S. stocks data By Christopher Johnson
Nov 24, 2009 Make Money Online
Oil slipped toward $77 a barrel on Tuesday ahead of data expected to show crude inventories rising in the United States but trade was thin ahead of the Thanksgiving holiday.
A weekly report from the American Petroleum Institute (API) due at 4:30 p.m. EST (2130 GMT) was likely to paint a bearish picture of U.S. energy demand, analysts said.
A Reuters survey of analysts forecast the U.S. inventory data would show a 1.6 million barrel build in crude stocks for the week to November 20, as production rebounded from Gulf of Mexico disruptions caused by Tropical Storm Ida.
U.S. crude for January delivery eased 11 cents to $77.45 a barrel by 7:55 a.m. EST (1255 GMT), after settling up 9 cents at $77.56 on Monday. London Brent crude was up 19 cents to $77.65. Read the rest of this entry »
Tags: American Petroleum Institute, API, Natural Gas, NGLs, Oil Price, OPEC, Stock Market, Tropical Storm, WSI Corp
