WTI crude oil

WTI crude oil is up a second day, with futures advancing 0.7% to US$81.98, on rising speculation that demand is increasing, aided partly by positive data overnight which saw the US consumer confidence index leaping to its highest level since Oct ’07. According to Bloomberg estimates, gasoline inventories probably fell by 900,000 barrels to 203.5m last week, with the Energy Information Administration scheduled to release the actual data today. Some analysts guides that so far oil prices have been supported by a slew of better-than-expected economic data, and while prices are unlikely to see a strong rebound, the recent sharp decline could be over. OPEC members, which supplies ~40% of the world’s oil is scheduled to meet on 27th Nov in Vienna, where market watchers will keenly watch if OPEC members will decide to cut output in a bid to support prices.