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[size=36]Oil retreats after optimism driven by trade[/size]
Economy | 12:17 - 05/11/2019
Follow - up to the balance of News
Oil prices stabilized on Tuesday , while keeping investors in which their sights on the US inventories due data issued later on Tuesday, after two days of gains made by crude thanks to the positive and disappointing economic data on the conclusion of Washington and Beijing trade agreement.
By 0739 GMT, Brent crude futures were down a cent to $ 62.12 a barrel, after rising 0.7 percent in the previous session.
US crude futures fell 9 cents to $ 56.45 a barrel. The contracts gained 0.6 percent on Monday.
US crude oil inventories are expected to have risen last week, while inventories of oil products are likely to have fallen, according to a preliminary Reuters poll on Monday.
Oil was supported by hopes of a trade deal between the United States and China, the world's two biggest oil consumers, which could boost demand.
Oil investors are closely following the initial public offering of state oil firm Saudi Aramco, which is expected to be the world's largest listing.
On the supply side, Russia cut its oil production to 11.23 million bpd last month from 11.25 million bpd in September, but again missed its pledge under a deal to curb production.
The Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, under the group known as OPEC +, have been implementing since January a deal to cut oil production by 1.2 million barrels per day.
Oil prices stabilized on Tuesday , while keeping investors in which their sights on the US inventories due data issued later on Tuesday, after two days of gains made by crude thanks to the positive and disappointing economic data on the conclusion of Washington and Beijing trade agreement.
By 0739 GMT, Brent crude futures were down a cent to $ 62.12 a barrel, after rising 0.7 percent in the previous session.
US crude futures fell 9 cents to $ 56.45 a barrel. The contracts gained 0.6 percent on Monday.
US crude oil inventories are expected to have risen last week, while inventories of oil products are likely to have fallen, according to a preliminary Reuters poll on Monday.
Oil was supported by hopes of a trade deal between the United States and China, the world's two biggest oil consumers, which could boost demand.
Oil investors are closely following the initial public offering of state oil firm Saudi Aramco, which is expected to be the world's largest listing.
On the supply side, Russia cut its oil production to 11.23 million bpd last month from 11.25 million bpd in September, but again missed its pledge under a deal to curb production.
The Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, under the group known as OPEC +, have been implementing since January a deal to cut oil production by 1.2 million barrels per day.
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