Oil edges above US$80 as traders seek clues on demand outlook
BNN Bloomberg
Oil rose marginally with equities as traders waited for the next set of clues on the outlook for crude demand in the U.S. and China.
West Texas Intermediate traded above US$80 a barrel after gaining 1.5 per cent over the past three days, the longest run of gains since late July. In broader markets, stocks climbed, adding a tailwind to crude, and China’s banks are weighing further rate cuts to boost growth.
The country’s biggest refiner, Sinopec, said that the nation’s product demand in the second half would expand at a slower pace than in the first. In the U.S., meanwhile, there are expectations that the Federal Reserve isn’t yet done with its campaign of monetary tightening to quell too-hot inflation.
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