Oil Is Little Changed on Forecast U.S. Inventories Expanded

Crude oil traded little changed below $70 a barrel before a report forecast to show that crude inventories expanded last week in the U.S., the world’s largest energy consumer. Oil pared earlier losses after the International Energy Agency raised its oil demand outlook for this year and next on accelerating Chinese industrial activity. The country processed a record volume of crude in July. U.S. oil inventories probably rose 1 million barrels last week as refiners handled less crude, a Bloomberg survey of 12 analysts showed. “Fundamentals are still sluggish,” David Fyfe, head of the IEA’s oil industry and markets division, said by telephone from Paris.....Complete Story