Oil mixed, but erratic, on U.S. weather impacts and demand scenario
Crude oil prices posted slight gains early Tuesday after OPEC raised its expectations for demand growth, though a Kuwaiti bank warned against over-excitement.
Economists at the Organization of Petroleum Exporting Countries said in their monthly market report for September that total commercial oil stocks for members of the Organization for Economic Cooperation and Development was 195 million barrels above the five-year average and 123 million barrels above the seasonal norm.
OPEC is working to drain the five-year surplus through coordinated production declines and economists at the group said Tuesday that its demand forecast for the year was up 50,000 barrels per day to 1.42 million bpd, reflecting OECD growth as well as China. Demand growth next year is driven in large part by expansion in the European and Chinese economies…