U.S. oil futures tiptoed higher on Tuesday as expectations for a decline in weekly U.S. crude supplies temporarily distracted traders as they mulled the potential outcome of the Organization of the Petroleum Exporting Countries’ meeting later this week.Ahead of key U.S. government data due Wednesday, some market expectations point to the likelihood that crude inventories fell for the first time in 10 weeks.
But the market generally believes that OPEC won’t take any action to alleviate the glut of global crude supplies when they meet Friday, and weak manufacturing data from the U.S. and China Tuesday also raised concerns over the outlook for energy demand.
January West Texas Intermediate crude CLF6, -0.48% settled at $41.85 a barrel, up 20 cents, or 0.5%, on the New York Mercantile Exchange—after trading between a low of $41.17 and high of $42.23.
January Brent crude LCOF6, -0.29% on London’s ICE Futures exchange fell 17 cents, or 0.4%, to $44.44 a barrel.
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