Oil Trades Higher Ahead of Weekly Crude Inventories

Oil prices ticked up on Tuesday after the U.S. market open on anticipation that data due later would show crude stocks there declined, erasing earlier losses linked to concerns over waning demand

Benchmark Brent crude futures were up 32 cents at $65.18 a barrel by 1353 GMT.

U.S. crude futures rose 24 cents to $58.14 a barrel.

Sending a bullish signal, a preliminary Reuters poll showed on Monday that U.S. crude oil inventories likely fell for a second consecutive week last week.

The numbers came ahead of crude stock data from the American Petroleum Institute (API), an industry group, at 2030 GMT on Tuesday, and the Energy Information Administration (EIA), an agency of the U.S. Department of Energy, due on Wednesday.

“The market is waiting for inventory data later today. If we get a signal that declines are continuing that will be positive,” for oil prices, said Giovanni Stauvono, analyst at Swiss bank UBS.

Weighing on prices, hopes for progress in the trade war between China and the United States during this week’s G20 meeting were dampened by a senior U.S. official saying President Donald Trump was “comfortable with any outcome” from the talks.

via Reuters

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