Oil prices were
little changed on Tuesday, trading in a tight range as rising U.S. shale
output offset OPEC crude production cuts, with investors seeking
clearer direction from upcoming inventory data and comments from senior
oil officials.
Brent
crude LCOc1 was up 18 cents at $56.19 a barrel as of 1155 GMT. U.S.
West Texas Intermediate (WTI) crude CLc1 was up 20 cents at $53.40. Both
benchmarks have hovered in negative and positive territory since the
start of the day's Asian trading.
Oil prices have been entrenched in a $3 band since February, failing to take off after OPEC implemented, to a surprisingly high degree, the first production cut in eight years.
Oil company executives, energy ministers, including from Saudi Arabia and Russia, and other top officials such as the head of OPEC are meeting in Houston this week for the CERAWeek energy conference. Observers are keen for any comments that may indicate whether OPEC would extend its output reduction.
Markets await U.S. oil stocks data from industry group API on Tuesday and the Energy Information Administration on Wednesday. U.S. oil stocks are expected to have risen for the ninth consecutive week to a record, a Reuters poll showed.
Oil prices have been entrenched in a $3 band since February, failing to take off after OPEC implemented, to a surprisingly high degree, the first production cut in eight years.
Oil company executives, energy ministers, including from Saudi Arabia and Russia, and other top officials such as the head of OPEC are meeting in Houston this week for the CERAWeek energy conference. Observers are keen for any comments that may indicate whether OPEC would extend its output reduction.
Markets await U.S. oil stocks data from industry group API on Tuesday and the Energy Information Administration on Wednesday. U.S. oil stocks are expected to have risen for the ninth consecutive week to a record, a Reuters poll showed.
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