Crude oil prices remained near a three-month bottom on Tuesday at a time when investors await key data that could shed light on supplies on the world market and prices until the end of the year. The futures on US light WTI crude oil price fell by 0.07 USD to 48.33 USD per barrel. The contract for delivery of WTI ended the previous session with a fall in the price of 0.09 USD, after falling to its lowest level since the end of November from 47.90 USD per barrel.
The futures on Brent oil rose by 0.03 USD to 51.32 USD per barrel after Monday’s price fell to 50.85 USD per barrel. Both benchmark fluctuated during the Asian session.
The prices fell sharply last week amid investor concern that rising supplies of US light crude oil could hamper the efforts of OPEC to limit production and reduce the glut worldwide.
The oil prices rose after OPEC and other major oil producers, including Russia, agreed in November to reduce production by nearly 1.8 million barrels per day in the first half of 2017.
OPEC is expected to publish its monthly report on the market of oil on Tuesday and the International Energy Agency (IEA) will deliver its monthly report one day later. This week is crucial and will give us an idea of what levels would be oil prices in the rest of the year. All eyes are focused on the data of the American Petroleum Institute.