Oil prices were steady on Tuesday, weighed by concerns about a global economic slowdown that could dent crude demand, but supported by expectations that OPEC and its allies will extend their supply curbs, Trend reports citing Reuters.
Market participants were also awaiting further direction from weekly data on U.S. crude stockpiles, which analysts expect to show a 500,000-barrel drawdown last week from nearly two-year highs.
Industry data from the American Petroleum Institute is due out at 4:30 p.m. EDT (2030 GMT), followed by government’s report is due on Wednesday.
Brent crude futures settled unchanged at $62.29 a barrel, while U.S. West Texas Intermediate (WTI) crude futures edged up 1 cent to end at $53.27 a barrel.
Both Brent and WTI are down roughly 20% from their 2019 peak reached in April. Concern about slowing demand and economic growth has had a large impact on sentiment amid a trade war between the United States and China.