Crude oil futures inched lower Tuesday ahead of U.S. inventories data.
The American Petroleum Institute releases its weekly stockpiles survey this afternoon, followed tomorrow by the Energy Information Administration’s official report.
Jan. WTI oil fell 12 cents, or 0.2%, to settle at $57.99/bbl.
Traders remain uncertain about whether OPEC will announce a meaningful extention of its supply quota plan with Russia on November 30.
While most analysts think the cartel will extend the plan into 2018, some say the scope and scale will disappoint markets looking for larger cuts in production.
Closer to home, TransCanada re-started its Keystone pipeline after containing a spill.
In a sign consumers are entering the holiday season in very high spirits, the Conference Board released a report on Tuesday showing an unexpected improvement in U.S. consumer confidence in the month of November.
The Conference Board said its consumer confidence index climbed to 129.5 in November from an upwardly revised 126.2 in October.
The material has been provided by InstaForex Company – www.instaforex.com
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