In China, state-owned China National Petroleum Corporation (CNPC) said gasoline demand would likely peak around 2025 and outright oil consumption would top out around 2030.
Market focus was turning to the release of official US Energy Information Administration data later on Wednesday for a further update on inventories.
"Oil futures have become lodged in a tight price range this month as traders await the autumn maintenance period that typically brings with it a seasonal drop in refinery demand and resulting build in crude stocks", he said in an emailed report. Analysts expect a drop of 3.176 million in crude stocks in the USA last week, and a 1.527 million decline in gasoline inventories with distillate supplies down by 620,000 barrels.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $47.82 a barrel, up 27 cents, or 0.56 percent.
The weekly US crude inventory report from the industry group American Petroleum Institute (API) is due out later on Tuesday.
Oil prices move lower on seasonal pressures
That compared with analyst expectations for a decrease of 3.1 million barrels. West Texas Intermediate, the US benchmark for the price of oil, was down 0.55 percent to $47.33 per barrel.
"The market took this as a mildly bullish report", said William O'Loughlin, investment analyst at Rivkin Securities. "This is also bearish because the more DUC wells there are, the more capacity is ready to come online in the face of any sort of price rally", said Richey. The price for a barrel of oil dropped below $30 per barrel past year as gains in US oil production added to supply-side concerns from members of the Organization of Petroleum Exporting Countries defending a market share with robust output. Not a lot has changed despite the Opec and Russian Federation efforts recently.
Oil cartel Opec together with non-Opec producers like Russian Federation have pledged to restrict output by 1.8-million barrels a day between January 2017 and March 2018. However, the latest oil market report from OPEC showed that production increased by 173,000 barrels per day in July, after rising by 396,000 barrels in June and by 366,000 barrels per day in May, thanks largely to two exempted countries, Libya and Nigeria. Even so, Citigroup Inc.'s Ed Morse says shale will win over OPEC on oil, as US drillers can survive due to hedging.
The industry-funded American Petroleum Institute will release its inventory data later on Tuesday.
Amit Shah invites Bihar CM Nitish Kumar to join NDA
The JD (U) on Friday suspended Ali Anwar Ansari, its deputy leader in the Rajya Sabha , for "anti-party activities". RCP Singh, a confidante of the chief minister, will replace Yadav as the party leader in Parliament's Upper House.
The day after learning McMillan had indeed torn his ACL in the preseason opener, Miami signed linebacker Junior Sylvestre. He instead rehabilitated the partially torn ligaments and underwent stem cell treatments.
The two carmakers have also agreed to join forces to develop electric auto technology, and Toyota is to take a 5% stake in Mazda . The Mazda CX-3, CX-5 and CX-9 are already on sale in the USA , so this could be one of Mazda's upcoming coupe-SUV models.
It was quite similar level to pre-season in terms of working without the ball, and we are going to improve", he added. Our fans really get behind us and they're going to step it up even more because they know we need them even more.
The Associated Press reports Rich was killed in July 2016 during what police say was likely a robbery gone wrong . A new lawsuit claims the story wasn't only concocted, but quarterbacked by the Trump administration.
Chelsea have tabled a bid worth £25million for Arsenal attacker Alex Oxlade-Chamberlain, according to a report . The 23-year-old has just one year left on his contract and has been linked with Liverpool as well as the Blues.
He said at least 25 others who sustained injuries in the attack were also shifted to the hospital for the treatment. In recent months, Daesh has been making inroads in Afghanistan through alliances with local militant outfits.
Kansas City was leading 5-4 at the time and play was delayed for a couple minutes while the grounds crew collected the cat. A small kitten had a big impact on a Major League Baseball game after running onto the field on Wednesday night.
The company in charge of the election, Smartmatic , even said the official vote count is most likely inflated and inaccurate. The company charged with tallying the result said the number of votes cast had been altered by a million.
Trump aide sparks convention uproar
The argument erupted when Gordon, who was moderating the panel, repeatedly trashed President Trump and got snarky with Manigault. She claimed she was there to talk about her personal experience with violence, as some of her family members have been murdered.