Brent crude futures rose 38 cents to $72.21 a barrel by 0944 GMT, while U.S. West Texas Intermediate crude futures were up 36 cents to $68.40
Oil prices were little changed on Tuesday, awaiting further price direction from OPEC’s monthly report, while investor disappointment over China’s latest stimulus plan and oversupply concerns limited gains.
“In a flat price environment that is stalled, supply and demand become even more magnified and at present it would appear that oil market participants do not like what they see,” said John Evans, analyst with oil broker PVM.Deflationary risks from China, as well as the lack of concrete fiscal stimulus measures from Chinese policy-makers to spur demand, are weighing on sentiment, said Kelvin Wong, senior market analyst at OANDA.
Beijing unveiled a 10-trillion-yuan debt package on Friday to ease local government financing strains, as the country faces pressure from the re-election of Donald Trump as U.S. president, who has threatened more tariffs on Chinese goods.The world’s biggest oil importer also released inflation data over the weekend, which showed consumer prices rose at the slowest pace in four months in October while producer price deflation deepened.
The market will be looking out for downward revisions in demand forecasts from the group’s outlook through 2025, which would add further pressure on prices.
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