WASHINGTON (dpa-AFX) - Crude oil prices moved in a tight range on Tuesday with traders weighing near term global supply and demand prospects, as they looked ahead to weekly inventory data.
The American Petroleum Institute is scheduled to release its weekly oil report later in the day, while the official inventory data from U.S. Energy Information Administration is due on Wednesday morning.
Oil prices edged higher earlier in the session, rebounding from previous session's losses. Prices fell yesterday after U.S. President Donald Trump tweeted, 'Oil prices getting too high. OPEC, Please relax and take it easy. World cannot take a price hike.'
West Texas Intermediate Crude oil futures for April ended up $0.02, or about 0.04%, at $55.50 a barrel.
On Monday, WTI futures for April ended down $1.78, or 3.1%, at $55.78 a barrel, well off the day's high of $57.53.
Brent Crude Oil futures for April gained about 0.5% to 65.23 a barrel around mid afternoon.
Earlier today, Saudi Aramco's chief executive said today the oil industry is facing 'a crisis of perception' and the industry needs to push back exaggerated theories like peak oil demand.
Goldman Sachs said in a report that the oil market continues to tighten significantly and Brent crude prices will likely reach $70 to $75 a barrel in the near term.
Meanwhile, despite Donald Trump's comments about crude oil prices, a source from OPEC has reportedly told Reuters that the organisation would stick to its agreement to tighten crude supplies.
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