US crude dips 7 cents, settling at $51.56, as market steadies ahead of G-20, OPEC meetings


US crude dips 7 cents, settling at $51.56, as market steadies ahead of G-20, OPEC meetings

Oil prices dipped on Tuesday, weighed down by uncertainty over the U.S.-China trade war and signs of increased global crude production, but losses were limited by expectations that crude exporters would agree to cut output at an upcoming OPEC meeting.

U.S. West Texas Intermediate crude ended Tuesday’s session down 7 cents at $51.61. In the previous session, WTI fell to $50.10, its lowest level since mid-October 2017. Brent crude oil fell 27 cents at $60.21, hovering above a 13-month low of $58.41 reached on Friday.

Oil prices have lost almost a third of their value since early October, weighed down by an emerging supply overhang and widespread financial market weakness. Prices rallied sharply on Monday, with Brent rising almost 2.9 percent, but the market has struggled to stay positive. Read More

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