"Going forward, the market will focus on U.S. and Chinese economic indicators and U.S. crude oil inventory levels to assess global demand trend," Ueno said, adding that investors will also consider a weakening U.S. dollar, which will provide support for oil prices.
The oil market has dropped almost 20% since late September as crude output in the U.S., the world's top producer, held at record highs, while the market was concerned about demand growth, especially from China, the No.
U.S. crude and gasoline stockpiles likely rose last week, while distillates inventories were seen dropping, a preliminary Reuters poll showed on Monday.
A weekly report from the American Petroleum Institute is due later on Tuesday, and from the Energy Information Administration is due on Wednesday.
On the supply side, the OPEC+ are likely to extend or even deepen oil supply cuts into next year, eight analysts have predicted.
Persons:
Brent, Tsuyoshi Ueno, Ueno, Goldman Sachs, Yuka Obayashi, Stephen Coates
Organizations:
cnsphoto, REUTERS, Walmart Inc, OPEC, West Texas, Reuters, Organization of, Petroleum, NLI Research, Traders, Walmart, American Petroleum Institute, Energy, Administration, Thomson
Locations:
Zhoushan, Zhejiang province, China, Russia, U.S, OPEC, timespreads