Oil steadied near $53 a barrel after two days of declines as the fragile economic environment and unresolved US-China trade war continue to deteriorate the outlook for global fuel demand.
Futures in New York rose 0.4% on Wednesday in New York. The International Energy Agency (IEA) sees a “serious challenge” for Opec and other producers next year amid the possibility
of a further reduction in the
demand forecast while global supplies continue to grow.
“I expect this morning is a runoff, the market is expecting a bullish EIA report with crude draws and refinery draws,” said Ashley Petersen, an analyst at Stratas Advisors Llc.
“The oil market is struggling to shake off the shackles of the current gloom,” said Stephen Brennock, an analyst at PVM Oil Associates Ltd. in London.