Crude Oil Mixed In Asia With API Estimates To Set The Tone

Investing.com – Crude prices pointed mixed in Asia on Tuesday with US industry inventory estimates ahead.

On the New York Mercantile Exchange crude futures for January delivery inched up 0.02% to $57.46 a barrel, while on London’s Intercontinental Exchange, was last quoted at $62.46 a barrel.

Later Tuesday, the American Petroleum Institute will release its estimates of crude and refined product stocks followed by official data from the Energy Information Administration on Wednesday.

Initial estimates show analysts expect a 3.507 million drop in crude supplies, a 548,000 barrel build in distillates and a 1.145 million barrel gain in gasoline supplies.

Overnight, oil prices settled lower on Monday as traders appeared to take profit on the recent rally which followed last week’s decision by Opec and some non-Opec producers to extend output curbs.

made a subdued start to the week amid profit taking on the back of the recent rally to more than two-year highs as traders shifted attention to US crude output, which remained close to record highs.

U.S. output rose in September to 9.5 million barrels per day (bpd), the highest monthly output since 2015, the EIA said last week.

Sentiment on oil prices, however, remained bullish amid expectations that rebalancing in markets will continue after OPEC and some non-OPEC producers who met on Thursday in Vienna, Austria, said they would continue to cut supply by 1.8 million barrels per day (bpd) until the end of 2018.

Data on Friday showed the recent uptick in US oil rigs continued, as rig counts rose by 2 to 179, the highest since September, Baker Hughes said.

Despite fears over rising U.S. output recent data showed traders increase their bullish bets on oil as net longs rose 39,500 to 651,100, the highest since April, according to the CFTC Commitments of Traders (COT) report.

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