Oil stable ahead of US inventory data

Oil drilling rigs

Oil prices were stable today, Oct. 13, after logging a decline in the previous session, amid demand concerns even as investors awaited US inventory data.

International benchmark Brent crude was trading at $92.48 a barrel, at 9:11 am Makkah time. West Texas Intermediate (WTI) crude was at $87.19 a barrel.

The OPEC said it expects a decrease in China’s demand for oil this year by 60,000 barrels per day (bpd), from last month’s estimates that forecast a demand growth of 120,000 bpd.

The revision came in light of China’s Zero COVID and its impact on the second largest economy in the world.

The American Petroleum Institute data showed that oil stocks rose 7.05 million barrels in the week ended Oct. 17, coinciding with the rise of gasoline stocks by 2.01 million barrels, while distillate stocks decreased by 4.5 million barrels.

Official inventory data will be released by the US Energy Information Administration later today, with expectations that crude inventories will increase by 900,000 bpd.