Investing.com report says, Crude oil prices were mixed in Asia on Tuesday in continued think trade with China markets on holiday through Thursday as as investors await industry figures on U.S. inventories late in the trading day.
Later Tuesday, the American Petroleum Institute (API) will release its estimates of crude and refined product stocks in the U.S. at the end of last week, which will be followed on Wednesday by official figures from the U.S. Department of Energy.
On the New York Mercantile Exchange, crude oil prices for delivery in March dipped 0.06% to $52.60 a barrel, while on the Intercontinental Exchange in London, Brent oil for March delivery was last quoted up 0.11% to $55.37 a barrel.
Overnight, crude oil prices settled weaker in U.S. on Monday as investors weighed the supply response of U.S. shale drillers to prices above $50 a barrel and noted the domestic and international backlash to President Donald Trump’s move to bar travelers from seven Muslim-majority countries from entering the U.S.
Investors were also keeping an eye on central bank policy reviews in Japan due Tuesday in Asia, as well as the U.S. and U.K. are slated this week that could set the tone on demand prospects.
Last week, traders noted rising production in the U.S. after oilfield services provider Baker Hughes said late Friday that the number of rigs drilling for oil in the U.S. increased by 15 in the previous week, bringing the total count to 566, the most since November 2015. U.S. oil production has increased almost 6% since the mid of the last year to almost 9 million barrels per day (bpd).
The start at the New Year of a coordinated deal by OPEC and non-OPEC member countries such as Russia to reduce output by almost 1.8 million bpd to 32.5 million for the next six months has supported prices globally above $50 a barrel. As well, the International Energy Agency (IEA) has forecast continued demand growth by leading importers in emerging economies in Asia such as China and India.