Crude oil prices are edging lower Tuesday morning, amid prospects of a drop in demand for crude due to the likely impact of the ongoing U.S.- China trade disputes on global economic growth.
Last week’s data from the U.S. Energy Information Administration revealed that U.S. crude stockpiles increased for a sixth successive weak, although the increase was less than expected.
Also, with output from Saudi Arabia and Russia rising notably and the Trump administration granting sanctions exemptions to some top buyers of Iranian oil, including India, China and South Korea, supply worries are subsiding fast.
Crude oil futures for December were drifting down by $0.30, or 0.49%, to $62.80 a barrel. On Monday, crude oil futures ended down $0.04, or less than 0.1%, at $63.10 a barrel.
The American Petroleum Institute will come out with its weekly oil report after trading hours today.
The official crude inventory data from the Energy Information Administration is due on Wednesday morning.
The material has been provided by InstaForex Company – www.instaforex.com