Global oil prices remained marginally up in early Asian trade Tuesday as the markets await couple of key US data s.
Light sweet crude for October delivery was seen trading at $77.21 a barrel at 11.30 a.m while Brent crude for delivery in October was at $77.20 a barrel in London.
Analysts said the black gold also gained on comments from US investment icon Warren Buffett that the US economy would not slump back into recession.
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They also said China s larger than expected industrial output may boost economic prospects and thus increase oil demand. Official figures showed China's industrial output gathering pace, rising 13.9% in August.
Meanwhile, the shutdown of the biggest Canada-U.S. pipeline (Enbridge's Line 6A feeds) enters a fifth day. There was still no estimate of when the troubled duct would resume shipments.
The closure is affecting refineries in the US Midwest and storage at Cushing, where inventories fell more than 200,000 barrels to 35.54 million in the week to September 3.
The industry group American Petroleum Institute will issue its report for the week to September 10 on Tuesday while the U.S. Energy Information Administration will follow with government data on Wednesday.
On Monday, oil prices rose following the closure of a key pipeline carrying crude from Canada to the United States and strong Chinese industrial data.
New York's main contract, light sweet crude for delivery in October, jumped 74 cents to $77.19 a barrel while Brent crude for October closed at $ 79.03 a barrel.
Light sweet crude for October delivery was seen trading at $77.21 a barrel at 11.30 a.m while Brent crude for delivery in October was at $77.20 a barrel in London.
Analysts said the black gold also gained on comments from US investment icon Warren Buffett that the US economy would not slump back into recession.
Get the most comprehensive analysis and insight into India pulses market. Subscribe to Commodity Online Info Service
They also said China s larger than expected industrial output may boost economic prospects and thus increase oil demand. Official figures showed China's industrial output gathering pace, rising 13.9% in August.
Meanwhile, the shutdown of the biggest Canada-U.S. pipeline (Enbridge's Line 6A feeds) enters a fifth day. There was still no estimate of when the troubled duct would resume shipments.
The closure is affecting refineries in the US Midwest and storage at Cushing, where inventories fell more than 200,000 barrels to 35.54 million in the week to September 3.
The industry group American Petroleum Institute will issue its report for the week to September 10 on Tuesday while the U.S. Energy Information Administration will follow with government data on Wednesday.
On Monday, oil prices rose following the closure of a key pipeline carrying crude from Canada to the United States and strong Chinese industrial data.
New York's main contract, light sweet crude for delivery in October, jumped 74 cents to $77.19 a barrel while Brent crude for October closed at $ 79.03 a barrel.
