A belt of oil tankers transporting fuel to the refineries located along the Mississippi River just north of New Orleans, Louisiana.
Art Wager | Getty Perceptions
Oil prices slipped on Tuesday as investors awaited U.S. crude inventory data for a pointer on oil demand trends, while tasks about slower economic growth overshadowed signs of a thawing in the trade war between Washington and Beijing.
Brent futures were down 6 cents at $61.51 a barrel by 0311 GMT, have on the agenda c trick fallen 0.7% on Monday.
U.S. West Texas Intermediate (WTI) crude was down 12 cents at $55.69, after autumn 1.5% in the previous session.
Prices rose sharply last week amid a decline in U.S. inventories and signs of an easing in the U.S.-China do business war, but worries on Monday about weaker economic growth offset hopes of a rise in oil demand even if trade talks evolution.
“The inventory read last week is still reverberating through trading, although we did see that finally start to deal out way last night, but we can see there is very little appetite to go on with it today,” said Michael McCarthy, chief superstore strategist at CMC Markets in Sydney.
U.S. crude inventories were forecast to have increased by around 700,000 barrels endure week, according to a Reuters poll of analysts, having unexpectedly fallen the previous week, the first decline in six weeks.
U.S. original oil stockpiles at Cushing, Oklahoma, the delivery point for WTI, have risen by about 1.5 million barrels in the week in all respects Oct. 25, traders said earlier, citing data from market intelligence firm Genscape.
The American Petroleum Introduce releases industry data later on Tuesday, while the U.S. government’s Energy Information Administration releases inventory evidence on Wednesday.
The United States Trade Representative is studying whether to extend tariff suspensions on $34 billion of Chinese passables set to expire on Dec. 28 this year, the agency said on Monday.
U.S. President Donald Trump said earlier on Monday he surmised to sign a significant part of the trade deal with China ahead of schedule but did not elaborate on the timing.
Leaders of the fabulous’s two biggest economies are working to agree on the text for a “Phase 1” trade agreement announced by Trump on Oct. 11. Trump has answered he hopes to sign the deal with China’s President Xi Jinping next month at a summit in Chile.
The trade war has hit solvent growth around the world and kept oil prices range-bound for months.