Oil Prices Steady Ahead of Weekly EIA Data

US crude futures are steady-to-slightly-higher, recently up 0.2% at $75.91 a barrel, as investors await a weekly EIA report on US oil inventories at 10:30am ET. A WSJ survey forecasts a 1.8-million-barrel decline in crude stockpiles. WTI prices have risen 10 of the past 14 sessions, but have flashed some signs of weakness recently. “With China’s economic growth outlook worsening, the outlook for Chinese oil demand improving remains bleak,” says Spartan Capital’s Peter Cardillo in a note. “We think the push upwards over the $70 range is mostly technical and not likely to last despite OPEC+’s efforts to boost and stabilize prices. We continue to look for a trading range between the $65-$72 area in the short-term.”