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Oil Prices Drop, Investors Watch U.S.China Trade Deal

Oil prices began to fall again after a slight rise on Tuesday, while investors focused on signing a preliminary trade deal between the United States and China, the world’s largest oil consumer. A significant support for oil rates during the Asian trading session was news about the diminishing crude inventories in U.S.

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However, the growth was limited due to easing tensions in the Middle East: both Tehran and Washington are refraining from further escalation.

The international benchmark for Brent March futures eased by 0.26 percent, to $64,03 per barrel at 0902 GMT, while WTI futures with February delivery dipped by 0.40 percent, to $57,86 per barrel on Tuesday.

A Reuters survey showed, that U.S. oil inventories were expected to decline last week, having widely supported the prices growth.

Recall, oil markets touched their highest for near four months a bit earlier this month on U.S.-Iran tensions.