Oil Prices Halt 2-Day Decline as Focus Shifts to U.S. Stockpile Data

Investing.com – Oil prices pushed higher on Tuesday, halting a two-day losing streak as market players looked ahead to the release of fresh weekly data on U.S. commercial crude inventories.

U.S. futures for March delivery on the New York Mercantile Exchange tacked on 85 cents, or around 1.7%, to $51.36 a barrel by 8:20AM ET (13:20 GMT), after losing $1.08, or 2.1%, a day earlier.

The is due to release its weekly report for the week ended Jan. 11 at 4:30PM ET (21:30 GMT), amid expectations of a drop of about 1.5 million barrels.

The ‘s weekly report will be released on Wednesday.

Elsewhere, for March delivery on the ICE (NYSE:) Futures Exchange in London rose 98 cents, or about 1.6%, to $59.97 a barrel. The global benchmark lost $1.49, or nearly 2.5%, on Monday.

HSBC said it was cutting its average 2019 Brent price forecast by $16 per barrel, to $64 per barrel, citing surging U.S. production and an “increasingly uncertain demand backdrop”.

In other energy trading, jumped 2.1% to $1.392 a gallon, while gained 0.9% to $1.869 a gallon.

added 0.5% to $3.611 per million British thermal units. The contract soared roughly 16% on Monday to a more than one-week high, as colder weather boosted demand for the heating fuel.

— Reuters contributed to this report

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