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Brent and NYMEX dip as markets monitor output freeze efforts

On Tuesday, crude held weaker during Asia trade with estimates on American stockpiles likely to set the tone along with ongoing monitoring on prospects for a production freeze by key producers.

In New York, September delivery WTI crude futures slumped 0.59%, hitting $45.44 per barrel, while October delivery Brent crude futures sagged 0.72%, trading at $48.00 per barrel.

Later on Tuesday, the American Petroleum Institute will publish its estimates of crude and refined product stockpiles in America last week.

On Wednesday more closely-watched figures will be issued by the US Department of Energy.

Overnight, American crude futures leapt to fresh 3-week peaks after Russia energy minister Alexander Novak dropped a hint that his nation could be open to holding discussions with key crude producers from the Middle East in the coming weeks because OPEC considers whether it’s going to be prudent to freeze production in an effort to stabilize persistently low crude prices.

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