Oil hovers near $ 69 on weak demand for crude oil.Oil prices hovered around the $ 69 a barrel Tuesday as investors weighed concerns about the low demand for the raw optimism of recovery in the global economy.
Oil prices hovered around the $ 69 a barrel Tuesday as investors weighed concerns about the low demand for the raw optimism of recovery in the global economy.
At midday in Europe, the benchmark crude oil for October delivery up 16 cents to $ 69.02 a barrel in electronic trading on the New York Mercantile Exchange. On Monday, the contract fell 43 cents to $ 68.86.
The oil was between $ 65 and $ 75 shocked this summer as crude rose and dealers eye weak consumer spending.
Oil stocks in the United States is now higher than in May, and analysts expect a reduction in demand for take-off in the fall after the summer driving period.
Inventories are still at historically high levels, said the low demand Jan Lambregts, head of global economic research at Rabobank in Hong Kong.
Lambregts said he expected oil to near $ 70 a barrel later this year and between $ 80 and $ 85 by mid next year.
Investors will have to transfer data from the American Petroleum Institute on Tuesday evening and the energy Information Agency on Wednesday for clues to the tendency to consume. Analysts expect stocks to fall by 3.0 million barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Kos
Crude investors have also seen the dollar last week fell to its lowest level this year. The dollar recovered late last week, causing a reduction of $ 4 oil prices.
In other trade Nymex, gasoline for October was at $ 1.7430 a gallon and heating oil has steadily decreased 0.37 percent to 1.7385 per gallon.
Natural gas rose 14.7 cents to $ 3.444 for 1,000 cubic meters.
In London, Brent crude fell 19 cents to $ 67.25 on the ICE Futures Exchange.
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