Oil holds above $46

AFP

By our correspondents
October 07, 2015

Singapore
Oil prices held above $46 a barrel in Asia Tuesday ahead of a report on US commercial crude inventories, a closely watched indicator of demand in the world´s top consumer.
A decline in US drilling activity has supported prices recently, fuelling hopes a fall in production would help ease the global crude supply glut.
US benchmark West Texas Intermediate for November delivery was up 11 cents at $46.37 in the afternoon after a volatile session in the morning.
Brent crude for November advanced 18 cents to $49.43 a barrel.
The US Department of Energy will release its weekly stockpiles report Wednesday, giving a better idea about demand in the world´s biggest economy.
The report will probably show that inventories rose by two million barrels in the week to October 2, a Bloomberg News survey showed, indicating slowing demand.