Oil descends on profit-taking as traders eye US stockpile data
On Tuesday, during Asia trade crude futures slipped, traders took profits after prices surged more than 3% in the previous trading session.
American West Texas Intermediate crude futures fell 38 cents, hitting $45.55 per, having risen 3.3% in the previous session. Brent crude futures lost 43 cents, trading at $46.91 a barrel, having closed up 3.2%.
The evergreen buck was also applying pressure on prices having soared against a basket of key currencies, while a Reuters survey revealed a build in American crude stockpiles the previous week.
Major crude producers are going to gather in Algeria for a three-day meeting, which could see moves to drop or freeze crude output in an effort to support crude prices.
The Organization of the Petroleum Exporting Countries as well as other crude producers led by Russia are gathering informally on the sidelines of the International Energy Forum from September 26-28 in Algeria.
However, markets are quite skeptical that crude producers would reach a deal.