Oil prices have steadied amid gains on positive economic data and support by hopes for US-China trade deal.
Brent crude futures were down one cent at $62.12 a barrel, while US crude futures were down nine cents at $56.45 a barrel, reported Reuters.
OANDA senior market analyst Jeffrey Halley was quoted by Reuters as saying: “This is mostly position lightening after an impressive run higher.
“Oil is vulnerable now to any sharp change in short-term investor sentiment.”
A preliminary Reuters poll reported a rise in US crude stock and a decline in refined products stocks. Reuters noted that the American Petroleum Institute is due to publish official inventory data on 6 November 2019.
China and the US are yet to sign a deal, which is expected to happen later in November 2019. Meanwhile, Russia has cut its oil output from 11.25Mbpd to 11.23 million barrels per day (Mbpd) in September 2019.
In order to support the market, the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, also known as OPEC+ alliance, came up with a global deal to cut oil production by 1.2 million barrels per day.
A survey conducted by Reuters found that OPEC output rose in October 2019 as part of a rapid recovery in Saudi Arabian production after attacks on oil plants which halved the production of the country.