Oil slips as demand concerns outweigh U.S.-China trade optimism
LONDON - Oil prices steadied on Tuesday as bearish forecasts of a buildup in U.S. crude stockpiles offset signs of progress in U.S.-China trade talks.
“Oil prices are largely trending sideways on Tuesday morning, awaiting the upcoming U.S. oil inventory data,” UBS oil analyst Giovanni Staunovo said. “Expectations that the API and EIA will report that U.S. crude oil inventories increased by around 3 million barrels over the last week certainly do not help sentiment,” ING analyst Warren Patterson said.
Investors were also eyeing developments on U.S.-China trade. Chinese Vice Foreign Minister Le Yucheng said on Tuesday that the two countries had achieved some progress in their negotiations, and any problem could be resolved as long as both sides respected each other.
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