Share this article

Oil prices remain steady on Tuesday despite looming concerns of oversupply and slowing demand for the commodity amid a weak world economy.

Brent crude prices remained unchanged at $48.61 a barrel, while the US light crude increased 20 cents at $46.09, Reuters reported.

OptionsXpress market analyst Ben Le Brun told the news agency: "Short-covering has led to a little bit of a rally."

"Short-covering has led to a little bit of a rally."

Official figures and Reuters data revealed that GDP growth in China slowed to 6.9% during the third quarter representing a decline on a 7% increase in the prior quarter.

Analysts said that around two million barrels per day (bpd) crude oil is produced by major Middle East oil exporters, which is more than the current demand.

Once the international sanctions are lifted Iran also plans to increase oil production after complying with the conditions of a nuclear deal.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

According to a senior Iranian oil official, Tehran plans to boost crude production by 500,000bpd within a week of the lifting of sanctions and sell the oil to traditional Asia and European customers.

Investors are waiting for the oil inventory data to be released by the American Petroleum Institute (API) later on Tuesday, while the US Department of Energy’s Energy Information Administration (EIA) is set to release oil inventory data on Wednesday.