NEW YORK, Oct 20 (Reuters) - Crude oil prices settled mixed on Tuesday with U.S. futures down slightly as market participants pointed to ongoing global oversupply concerns as they waited for direction from two key U.S. oil storage reports.
Brent futures for December delivery, meanwhile, settled 10 cents up at $48.71 a barrel.
U.S. crude futures for November, which expired on Tuesday, settled down 34 cents at $45.55 per barrel after briefly rising as much as 63 cents in the morning. The December contract, which will become the front month on Wednesday, settled up one cent at $46.29.
"The preponderance of negative information about global output is going to squash most rallies, unless something different happens," said Richard Hastings, macro strategist at Seaport Global Securities.
With U.S. shale output not declining much, Iraq production growing strong and attempts by Iran to regain some of its market share, Hastings said, "the threat of excessive supply is constantly hitting brief rallies, just like what occurred at the end of the U.S. session today."
The American Petroleum Institute (API) will report stocks data at 4:30 p.m. (2030 GMT), and the U.S. Energy Information Administration's weekly inventory report will be released at 10:30 a.m. on Wednesday.
Analysts polled by Reuters projected a crude stock build of 3.9 million barrels in the week ended Oct. 16, down from a 7.6 million-barrel build in the prior week that was the largest build since April.
View Full Article
Copyright 2016 Thomson Reuters. Click for Restrictions.
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Most Popular Articles
From the Career Center
Jobs that may interest you