Oil rises further above $67 a barrel as OPEC cuts counter economic concern GlobeBusiness
The first of this week’s supply reports, from the American Petroleum Institute, is due at 2030 GMT. U.S. crude inventories are forecast to have fallen by 2.4 million barrels in what would be a third straight weekly decline.
Further price support came from another power cut in Venezuela, the second to hit the OPEC nation this month, raising concern about the country’s oil exports. Worries about demand have limited oil’s rally as manufacturing data from Asia, Europe and the United States pointed to an economic slowdown, although bullish bets by some investors are rising.Investor concern over the global economy had intensified on Friday after disappointing German and U.S. factory data led to an inversion of the U.S. Treasury yield curve, which some see as a leading indicator of recession.
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