Investing.com – prices remained moderately higher in quiet trade on Tuesday, as investors eyed the release of upcoming U.S. inventory reports after news last week of an increase in production dampened optimism over the rebalancing of the market.
The U.S. West Texas Intermediate crude January contract was up 17 cents or about 0.30% at $56.59 a barrel by 09:50 a.m. ET (13:50 GMT).
Elsewhere, for January delivery on the ICE Futures Exchange in London was up 12 cents or abour 0.11% at $62.29 a barrel.
Oil prices have been under pressure in recent sessions, amid concerns rising U.S. production would dampen OPEC’s efforts to rid the market of excess supplies.
Market players said they were avoiding taking on large new positions ahead of an OPEC meeting at the end of the month, when the producer club is expected to decide whether to continue output cuts aimed at propping up prices.
The Organization of the Petroleum Exporting Countries, together with a group of non-OPEC producers led by Russia, has been restraining output since the start of this year in a bid to end a global supply overhang and prop up prices.
The deal to curb output is due to expire in March 2018, but OPEC will meet on Nov. 30 to discuss the outlook for the policy.
Industry group the American Petroleum Institute is due to release its weekly report at 4:30 p.m. ET (21:30 GMT) Tuesday. Official data from the Energy Information Administration will be released Wednesday, amid forecasts for an oil-stock drop of around 2.1 million barrels.
Elsewhere, were up 0.48% at $1.749 a gallon, while rose 0.20% to $3.054 per million British thermal units.
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Source: Investing.com
