Oil steadies, weighed down by predicted surplus amid weak demand
Oil prices steadied on Tuesday after falling for the past two sessions, as investors remained cautious amid expectations of plentiful supplies and weak demand, while brushing off the U.S. presidential campaign upheaval.
Brent crude futures for September rose 11 cents to $82.51 a barrel by 0645 GMT. U.S. West Texas Intermediate crude for September climbed 5 cents to $78.45 per barrel.
Traders mostly ignored U.S. President Joe Biden's decision to call off his reelection bid and endorse Vice President Kamala Harris on Sunday. Citi analysts said they believed neither Harris nor Republican nominee Donald Trump would promote policies that would greatly affect oil and gas operations.
The American Petroleum Institute, a trade group, is due to release its estimates for last week's oil inventories on Tuesday, while official U.S. government data is scheduled to land on Wednesday.
A preliminary Reuters poll of six analysts estimated that U.S. crude stocks, on average, fell by 2.5 million barrels in the week to July 19, while gasoline stocks likely dropped by 500,000 barrels.
Reuters
Oil prices steadied on Tuesday after falling for the past two sessions, as investors remained cautious amid expectations of plentiful supplies and weak demand, while brushing off the U.S. presidential campaign upheaval.
Brent crude futures for September rose 11 cents to $82.51 a barrel by 0645 GMT. U.S. West Texas Intermediate crude for September climbed 5 cents to $78.45 per barrel.
Traders mostly ignored U.S. President Joe Biden's decision to call off his reelection bid and endorse Vice President Kamala Harris on Sunday. Citi analysts said they believed neither Harris nor Republican nominee Donald Trump would promote policies that would greatly affect oil and gas operations.
The American Petroleum Institute, a trade group, is due to release its estimates for last week's oil inventories on Tuesday, while official U.S. government data is scheduled to land on Wednesday.
A preliminary Reuters poll of six analysts estimated that U.S. crude stocks, on average, fell by 2.5 million barrels in the week to July 19, while gasoline stocks likely dropped by 500,000 barrels.
Reuters
Oil prices steadied on Tuesday after falling for the past two sessions, as investors remained cautious amid expectations of plentiful supplies and weak demand, while brushing off the U.S. presidential campaign upheaval.
Brent crude futures for September rose 11 cents to $82.51 a barrel by 0645 GMT. U.S. West Texas Intermediate crude for September climbed 5 cents to $78.45 per barrel.
Traders mostly ignored U.S. President Joe Biden's decision to call off his reelection bid and endorse Vice President Kamala Harris on Sunday. Citi analysts said they believed neither Harris nor Republican nominee Donald Trump would promote policies that would greatly affect oil and gas operations.
The American Petroleum Institute, a trade group, is due to release its estimates for last week's oil inventories on Tuesday, while official U.S. government data is scheduled to land on Wednesday.
A preliminary Reuters poll of six analysts estimated that U.S. crude stocks, on average, fell by 2.5 million barrels in the week to July 19, while gasoline stocks likely dropped by 500,000 barrels.
Reuters
comments
Oil steadies, weighed down by predicted surplus amid weak demand
comments