Oil benchmark prices rose overnight but started to ease through Asian trading. Traders are digesting a bigger-than-expected US inventory build. The American Petroleum Institute (API) reported overnight a 3.294 million barrel increase in crude oil stocks for the week ending October 15. That was down from the prior week’s 5.213 million barrel build, but it was over 1 million more than what analysts expected.
The ongoing economic recovery has bolstered global demand, which has pushed oil prices higher – although there are signs that growth is beginning to moderate. Nonetheless, demand is forecasted to continue its upward trajectory. That, along with OPEC keeping a tight grip on supply and lackluster investment elsewhere, will likely keep the o