USA crude for September was down 17 cents at $42.85. The stock added $2.42 to $24.87.
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The worldwide benchmark for oil, Brent crude leaped nearly 3% from $42 to $45.33 a barrel in the moments following the statements made by Al-Sada.
“The record natural gas-fired generation was driven by competitive economics compared with coal (despite recent natural gas price increases) and by warmer-than-normal temperatures that boosted overall electricity generation”, said an EIA summary of the study.
Many analysts and traders have warned of the glut in both crude and refined oil products this summer, particularly pointing to the lagging demand for USA gasoline demand despite the peak season for driving in the United States.
USA crude stockpiles probably fell by 1.5 million barrels last week, according to the median estimate in a Bloomberg survey before an Energy Information Administration report on Wednesday.
Futures were little changed in NY after rising 2.9 percent Monday.
Chemicals company Chemours and solar energy seller Vivint Solar also rose after posting better-than-expected earnings.
ROUGH SEAS: Shares in two of the biggest cruise line operators were down.
Benchmark U.S. crude was up 39 cents, or 0.9 percent, to $43.41 per barrel in NY, adding to the $1.22 gains made on Monday.
Investors shrugged off a Labor Department report indicating that American workers’ productivity unexpectedly fell in the second quarter. NRG Energy fell 69 cents, or 5.1 percent, to $12.83, while Southwestern Energy shed 51 cents, or 3.6 percent, to $13.61. That followed a 0.6 percent drop in the first three months of the year.
MARKETS OVERSEAS: In Europe, Germany’s DAX was up 1.3 percent, while France’s CAC 40 was up 0.8 percent. The July figure is the third monthly drop in a row since April, when the consumer price index reached its highest level since July 2014. Britain’s FTSE 100 added 0.6 percent. Japan’s Nikkei 225 rose 0.7 percent, while South Korea’s Kospi climbed 0.6 percent.
US stocks were little changed at the open on Tuesday as oil prices held steady above the $45 mark, a day after the S&P 500 touched a record intraday high.
In metals trading, the price of gold rose $5.40, or 0.4 percent, to $1,347 an ounce. Silver added 4 cents, or 0.2 percent, to $19.85 an ounce.
CHINA DATA: China’s consumer price index rose 1.8 percent last month over a year earlier, slower than June’s 1.9 percent, the official Xinhua news agency said, citing the National Bureau of Statistics. Prices gained 2.5 percent to settle at $45.39 on Monday, the highest close since July 22.
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The market also lost the previous day’s upward momentum as speculation fizzled that the Organization of the Petroleum Exporting Countries and other oil producers would embark on another round of talks on price co-operation after their failed effort in April. In currency markets, the dollar weakened to 101.86 yen from 102.47 yen in Monday, while the euro also weakened at $1.1113 from $1.1083.
