Oil prices edged higher on Thursday as the market balanced weak demand with supply disruption amid a looming rail stoppage in the US, the world’s biggest crude consumer.
“The oil price has been pricing in a global recession, but even with flat global growth, the oil demand would remain quite strong relative to continued supply worries,” said Clifford Bennett, chief economist at ACY Securities in a note. The increasing likelihood of a US rail stoppage due to an ongoing labour dispute is also adding support to the market. Three unions are negotiating for a new contract that could affect rail shipments, which are important for crude and product deliveries.
But data released by the Energy Information Administration showed US crude and distillate inventories rose more than expected in the most recent week, suggesting weaker fuel demand and putting a lid on oil prices.
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