Oil prices stabilize ahead of inventory data

New York: Oil prices steadied on Wednesday as traders awaited the US inventory data.

On Thursday, the US Energy Information Administration (EIA) will release the inventories data of last week. Traders expected the stockpiles to gain about 2.6 million barrels.

For the week ended October 2, US crude supplies gained 3.1 million barrels to 461 million barrels, 99.3 million barrels more than one year before.

World oil supply held steady near 96.6 million barrels per day (mb/d) in September, as lower non-OPEC production was offset by a slight increase in OPEC crude, according to Oil Market Report for October released Tuesday by International Energy Agency (IEA).

The IEA predicted the global demand growth would slow in 2016 as price support is likely to wane. Global demand is expected to grow 1.2 mb/d to 95.7 mb/d in 2016.