WTI crude oil prices edged higher by 0.1% to $68.1 per barrel on Tuesday, after a 5% decline over two sessions. Investors reacted to OPEC's fourth consecutive cut to its 2024 global oil demand forecast and China's economic concerns.
China's October data showed the slowest consumer price growth in four months and deeper producer price deflation, raising deflation risks and disappointing investors due to a lack of significant stimulus. Analysts said China's 10-trillion-yuan ($1.4 trillion) debt plan fell short of growth expectations. Meanwhile, U.S. policy may shift towards increased domestic shale production, as pro-oil North Dakota Governor Doug Burgum is considered for Energy Secretary under Trump.
The U.S. dollar remained strong, near four-month highs, as Trump's anticipated policies could keep interest rates elevated longer. Analysts noted that in a flat market, supply and demand concerns are magnified, which has affected oil sentiment.
Source : Trading Economics
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