Oil edges up on rising demand forecasts, ahead of U.S. price outlook

 Oil edges up on rising demand forecasts, ahead of U.S. price outlook

A pump jack stands idle in Dewitt County, Texas January 13, 2016. REUTERS/Anna Driver

  • U.S. lifts travel restrictions, travelers line up for flights
  • JPMorgan Chase says oil demand nearly back to pre-pandemic level
  • Biden could announce action on oil this week -energy secretary
  • Upcoming: U.S. EIA outlook on prices, supply & demand on Tuesday
  • Upcoming: U.S. oil inventory data from API on Tuesday

NEW YORK, Nov 9 (Reuters) – Oil prices edged up on Tuesday as the U.S. lifting of travel restrictions and more signs of a global post-pandemic recovery boosted the demand outlook, while supply remained tight.

The rally came ahead of the U.S. Energy Information Administration’s (EIA) release of oil and gasoline price predictions in its Short Term Energy Outlook (STEO), which U.S. President Joe Biden’s administration has said it would use to determine whether to release oil from the nation’s Strategic Petroleum Reserve (SPR). read more

Brent futures…

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