Brent and NYMEX go down in Asia ahead of IEA monthly report
On Tuesday, crude prices held weaker during Asia trade as market participants looked ahead to American supply data amid an overall bullish sentiment as Russia considers joining efforts to curb output.
In New York, November delivery crude futures slumped 0.14%, trading at $51.28. In London, December delivery Brent futures sagged 0.11%, being worth $53.08 per barrel.
Later on Tuesday, the American Petroleum Institute will issue its estimates of crude as well as refined product stocks for last week. The figures are going to be followed on Wednesday by more closely-watched news from the US Department of Energy as well as the International Energy Agency, expected to publish its monthly report on global crude supply and demand.
The previous week, data showing that American crude supplies sagged for the fifth week in a row, spurred the demand outlook in the world's number one crude consumer. According to the US Energy Information Administration, oil inventories edged down by 3 million barrels the previous week to 499.7 million, the lowest result since January.