Oil Futures Rebound Some After Bullish Inventory Report
By Biman Mukherji
--Oil futures rebounded Wednesday after the American Petroleum Institute said its data showed U.S. crude supplies fell slightly last week.
--March light, sweet crude on the New York Mercantile Exchange was recently up 0.8% at $63.91 a barrel in the Globex trading session. April Brent rose 0.8% to $67.38 after both have fallen three straight days.
--The U.S. government's weekly inventory report is expected to show a modest increase in U.S. crude supplies to build on the gain reported last week, according to analysts' average forecast. But price risk leans downward near-term, says BMI Research, given seasonally weaker fundamentals and potential increased risk aversion due to choppy broad-market conditions.
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(END) Dow Jones Newswires
February 06, 2018 23:50 ET (04:50 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.