Ahead of US government data on oil stockpiles, oil prices were steady above USD40/barrel as US fuel stockpiles fell further last week and the market is optimistic regarding a new economic stimulus.
An industry data is scheduled for Tuesday and Bloomberg survey predicted US gasoline inventories to fall by 1.2 million barrels for the week ended September 25. Likewise, distillate stocks are also seen to post a second straight decrease by 1 million barrels. However, crude inventories are forecast to expand by 1 million barrels.
On Monday, oil prices futures closed at the highest level in one week, supported by the robust US stocks on the back of signs of an economic stimulus.
On 08.47 GMT+8 Tuesday, WTI for November delivery was steady at USD40.65/barrel after climbing by 0.9% on the previous day. Brent for November settlement went up by 3 cents to USD42.46/barrel after posting a 1.2% increase in the previous session.
