Brent and NYMEX earn in Asia
On Tuesday, oil prices held revenues during Asia trade, with industry data on American inventories ahead expected to set the overall tone along with China data on growth, industrial production and retail sales due on Wednesday.
In New York, November delivery crude futures ascended 0.58%, trading at $50.23 per barrel. In London, December delivery Brent futures gained 0.58%, reaching $51.82 a barrel
The American Petroleum Institute is expected to issue its estimates of crude as well as refined product stockpiles in America for last week late on Tuesday. The given news will be followed on Wednesday with official data from the US Department of Energy.
Overnight, American crude surged on Monday, and managed to hover above the $50 per barrel threshold as market participants kept eyeing the details of a planned production cut by the Organization of the Petroleum Exporting Countries.
The Organization of the Petroleum Exporting Countries came to a compromise as for limiting production to a range of about 32.5 million to 33.0 million barrels per day during negotiations held on the sidelines of an energy conference in Algeria late the previous month.