Oil prices up as US-China trade loom talks, supply issues mount
09 Octobre, 2019, 12:55 | Auteur: Auguste Feret
But at settlement, Brent was down 11 cents, or 0.2% at $58.24 a barrel while WTI fell 12 cents, or 0.2%, at $52.63.
Adding pressure on prices, a new poll showed analysts expect US crude stocks increased last week.
Yet, the focus of the market is now firmly on the upcoming trade talks, concerns about demand and economies, and the upcoming US inventory reports by the API and EIA on Tuesday and Wednesday, respectively.
Top officials from China and the USA will meet on Thursday to commence the latest round of trade talks with the aim of breaking the deadlock between the world's two largest economies.
Washington is moving ahead with discussions over possible restrictions on capital flows into China, with a focus on investments by US government pension funds, Bloomberg reported.
In the global market, future demand for crude oil looks weak amid a global economic slowdown, deteriorating US economy, signs of weakness in China and Germany and the uncertainty over US-China trade talks.
The immediate focus now remains on the USA weekly Crude Stocks data due to be published by the American Petroleum Institute (API) later today at 2030 GMT for fresh near-term impetus in the prices.
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US crude stockpiles increased by 3.1 MMbbl in the week ended September 27 to 422.6 million, according to Energy Information Administration data.
USA stocks tumbled and the pan-European STOXX 600 index fell 1%.
"The macro headwinds outweigh supply concerns for oil now, despite tensions in the Middle East and a reduced spare capacity pillow", said Stephen Innes, Asia Pacific market strategist at AxiCorp. "Growing recession risks have capped the upside of oil prices".
Senior Chinese officials have indicated in meetings with US visitors to Beijing in recent weeks that the range of topics they're willing to discuss has narrowed considerably, the people familiar with the discussions said. Analysts forecast crude inventories in the United States would show a fourth week of growth while gasoline stocks fell, a Reuters poll showed on Monday.
The markets were also underpinned for a second session early Tuesday as protests in Iraq and Ecuador over poor economic conditions threatened to disrupt output from a couple of OPEC members.
"Unrest in Iraq gained a high profile at the start of October as a result of large protests in Baghdad", RBC analyst Al Stanton said. Riyadh said last week it had fully restored output.
Saudi Arabia reiterated on Tuesday that it was ready to meet global oil needs.
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