Oil futures rise for a third consecutive session with support from a weaker U.S. dollar ahead of the Fed’s expected interest-rate cut, and a jump in distillates on concerns about Russian supply disruptions.
“The market has been caught between escalating geopolitical tensions and not particularly supportive fundamentals,” Ewa Manthey and Warren Patterson of ING say in a note. “Market participants are waiting for any further developments regarding the potential of further Western sanctions on Russian supplies against a looming supply surplus expectation.”
Tomorrow’s EIA inventory data are expected to show crude and gasoline stocks unchanged and a build in diesel, according to the average estimate of analysts surveyed by The Wall Street Journal.