Oil prices were up in early trade on Tuesday ahead of data later expected to show a draw in U.S. crude oil and gasoline inventories, though persistent concerns over a slowdown in China's economy limited the upside. Brent crude was up 10 cents at $84.56 a barrel and U.S. West Texas Intermediate crude was trading 9 cents higher at $80.81 a barrel at 0101 GMT. U.S. crude oil and gasoline inventories were expected to have fallen last week, a preliminary Reuters poll showed, as the American Petroleum Institute industry group is due to release data later on Tuesday.
FILE PHOTO: A pump jack is seen at sunrise near BakersfieldTOKYO - Oil prices were up in early trade on Tuesday ahead of data later expected to show a draw in U.S. crude oil and gasoline inventories, though persistent concerns over a slowdown in China's economy limited the upside.
U.S. crude oil and gasoline inventories were expected to have fallen last week, a preliminary Reuters poll showed, as the American Petroleum Institute industry group is due to release data later on Tuesday. The market is also focusing on preliminary U.S. August PMI data and the Federal Reserve's annual economic symposium at Jackson Hole both due later this week, ANZ Research said in a note.
Moreover, gloom over the economic outlook in China, the world's second biggest oil consumer, has also pressured oil prices.
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