By FX Empire.com
Crude oil prices gained on Tuesday, as strong seasonal demand for heating oil, low gasoline inventories in Europe, low distillate inventories in the United States, China turning into a net importer of diesel, and rising tensions in the Middle East over Iran’s nuclear program overshadowed rising concerns from the European debt crisis, which pushed crude oil prices to rise.
Traders will continue to monitor the developments from Europe regarding the debt crisis. Moreover, traders will be eyeing the EIA report for crude oil stockpiles, which is expected to show that crude oil inventories increased last week.
Wednesday November 09:
The United States will start the session at 15:00 GMT with the wholesale inventories for September, with expectations that the index could have expanded by 0.6% from 0.4%.
At 14:30 GMT, the EIA report for crude oil inventories will be released for the week ending November 04, where the report is expected to show crude oil stockpiles increased by 0.5 million barrels, compared with last week’s increase by 1.8 million barrels.
Originally posted here
