Oil prices up slightly, but investors keep an eye on oversupply

Crude oil prices rose slightly in Asia trade Wednesday, but lingering oversupply concerns mean traders are treading cautiously, despite a rise in China’s crude oil imports last month.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in November CLX5, +0.43%  traded at $46.96 a barrel, up $0.34 in the Globex electronic session. November Brent crude LCOX5, +0.24%  on London’s ICE Futures exchange rose $0.12 to $49.36 a barrel. Year-to-date, the Nymex and Brent prices have fallen 12.4% and 14%, respectively.

The International Energy Agency on Tuesday reported that global oil demand will slow to 1.2 million barrels a day next year, from a five-year high of 1.8 million barrels a day in 2015. Meanwhile, the resumption of Iranian oil flow will add on to the already hefty supply.

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