Investing.com – Crude oil prices were mixed in Asia on Tuesday with weekly industry estimates of U.S. inventories ahead as well as monthly supply and demand figures from the Paris-based International Energy Agency.
On the New York Mercantile Exchange crude futures for December delivery fell 0.05% to $56.73 a barrel, while on London’s Intercontinental Exchange, edged up 0.03% to $63.16 a barrel.
The American Petroleum Institute (API) reports weekly crude and refined product inventories later on Tuesday.
Crude oil stocks in the U.S. are seen down 2.850 million barrels, while distillates are expected to post a drop of 1.775 million barrels and gasoline inventories are seen down 1.025 million barrels.
The API estimate are followed by official data from the Energy Information Administration on Wednesday. The API and EIA figures often diverge.
Overnight, crude oil prices settled higher on Monday, as investors weighed the prospect of supply disruptions amid rising Middle East tensions while growing expectations of a ramp up in output capped upside momentum.
Crude oil prices traded in a narrow range on Monday as investors weighed the prospect of supply disruption in the Middle East supporting a further rally in crude prices against expectations that U.S. producers will ramp up output.
Middle East tensions grew over the weekend, fueling expectations of supply disruptions in the region after Bahrain said Iran was behind an explosion to its main oil pipeline. Supply was restored, however, as Saudi Aramco said Monday that it fully resumed pumping crude oil to Bahrain.
Despite expectations for uptick in U.S. output, traders remained confident that Opec’s output curbs would continue to support upside momentum in crude prices ahead of the upcoming Nov, 30 Opec meeting, at which it’s widely expected that Opec will extend its global accord on production cuts beyond March.
In May, Opec producers agreed to extend production cuts for a period of nine months until March, but stuck to production cuts of 1.2 million bpd agreed in November last year.
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