Oil retreats as traders pencil in inventory rise, Russia casts doubt on deeper output cuts
Tuesday, 29 October 2019 19:15 WIB |
ENERGY |Minyak BrentMinyak MentahMinyak WTI
Oil futures were under pressure Tuesday for a second day in a row, pressured by expectations for a rise in U.S. inventories and remarks that cast doubt on Russia's enthusiasm for deeper production cuts as part of its agreement with the Organization of the Petroleum Exporting Countries.
West Texas Intermediate crude for December delivery fell 71 cents, or 1.3%, to $55.10 a barrel, while December Brent gave up 71 cents, or 1.2%, to trade at $60.86 a barrel. Oil ended lower Monday, unable to keep pace with a stock market rally that lifted the S&P 500 to its first record close since late July.
The American Petroleum Institute, an industry trade group, is expected to release its estimate of last week's inventories to members after the closing bell Tuesday. It's watched as a guide to the Energy Information Administration's official tally due Wednesday morning.
Analysts surveyed by S&P Global Platts look for the EIA to report U.S. crude inventories rose by 2.5 million barrels, while gasoline stocks are forecast to fall by 2.5 million barrels. Distillate inventories are expected to show a drop of 2.4 million barrels.
Source : MarketWatch