Brent oil slipped to around $71 a barrel on Tuesday, pressured by expectations o...
LONDON/SINGAPORE - Brent oil slipped to around $71 a barrel on Tuesday, pressured by expectations of higher U.S. inventories and concern about Russia’s willingness to stick with OPEC-led supply cuts.
Analysts on average expect U.S. crude stockpiles to have risen by 1.9 million barrels last week, the fourth straight increase. The first of this week’s stockpile reports is due at 2030 GMT from the American Petroleum Institute. [EIA/S] “The rising inventory data has raised many questions for investors - no one wants to see the oil glut again.”
While OPEC-led supply cuts have boosted Brent by more than 30 percent this year, gains have been limited by worries that slowing economic growth could weaken demand for fuel.
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