Oil Trades Mixed, Cautious Before Weekly Inventory Reports
Having witnessed a volatile session the day earlier, oil benchmarks
on both sides of Atlantic are seen trading directionless in a tight
range, as markets await the API inventory report for fresh momentum.
Both crude benchmarks on 43 handle
Currently,
both crude benchmarks trade on a mixed note, with WTI modestly flat at $
43.41 while Brent oil rises +0.39% to $ 43.81. Oil prices trade subdued
and lacks momentum as traders remain on the back foot ahead of the
weekly crude reserves report as well as monthly supply reports.
The
US-based EIA releases its report later on Tuesday, while the
Paris-based International Energy Agency is scheduled to post its
estimates on Thursday, and oil cartel OPEC will unveil its monthly oil
report on Friday.
Oil prices dropped sharply on Monday after
omnipresent supply glut worries outweighed supply disruption fears
spurred by the Canadian wildfires that have taken more than 2 million
barrels a day of production out of the market.
