Oil Tuesday swung between losses and gains

Oil Tuesday swung between losses and gains as the market weighed higher U.S. output against hopes of an extension of production cuts by other major producers.
U.S. crude was off 12 cents, or 0.26%, at $46.31 at 08:15 ET. Brent crude shed 10 cents, or 0.20%, to $49.24.
American Petroleum Institute stockpile data are due out later in the session.
Inventories remain close to record levels as U.S. shale activity continues to expand.
That has undermined the impact of an accord on output cuts of 1.8 million barrels a day in the first half by OPEC and non-OPEC producers.
Saudi Energy Minister Khalid al-Falih said Monday he was confident of an extension of the accord to the end of the year or beyond.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.