Brent and NYMEX descend in Asia on supply concerns
On Tuesday, oil dropped in Asia on profit-taking after support built around on higher chances of an output freeze by key crude producers as well as turmoil in Libya.
On the New York Mercantile Exchange November delivery American crude futures fell 0.55%, trading at $43.62 per barrel. Besides this, November delivery Brent crude futures for November delivery sank 0.26%, hitting $45.83 a barrel on the Intercontinental Exchange.
Later on Tuesday, the market will shift its attention to industry estimates of refined product as well as crude stocks in America the previous week from the American Petroleum Institute. On Wednesday, the figures will be followed by more closely-watched data from the US Department of Energy.
Overnight, crude traded higher, as hopes grew regarding a probable accord among major producers to cap output, that’s above market demand.
Venezuelan President Nicolas Maduro has been quoted as telling that OPEC as well as non-OPEC members are approaching to a deal to freeze crude production. Later this month, key producers are due to hold an informal gathering in Algeria.