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Oil prices rise on expectations of tightening oil supplies
Oil prices rose on expectations of tightening oil supplies. Market participants are awaiting the release of U.S. crude oil inventories data. The American Petroleum Institute (API) is scheduled to release its U.S. oil inventories data later in the day, and U.S. oil inventories data from the U.S. Energy Information Administration is expected tomorrow.
The U.S. Energy Information Administration (EIA) said last Wednesday that U.S. crude inventories fell by 1.9 million barrels to 454.0 million in the week to September 18.
Gains are limited by concerns over a slowdown in the global economy. China's National Bureau of Statistics (NBS) said on Monday that profits of industrial companies in China declined 8.8% in August from a year earlier. It was the biggest drop October 2011.
WTI crude oil for November delivery rose to $45.57 a barrel on the New York Mercantile Exchange.
Brent crude oil for October climbed to $48.40 a barrel on ICE Futures Europe.
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