Oil was steady near a six-week low as traders waited for fresh clues on market balances, including the outlook for US stockpiles.
Global benchmark Brent held above $82 a barrel after shedding more than 3% over the previous two sessions, while West Texas Intermediate was near $78. The drop came amid sales by algorithmic traders, and as investors weighed the implications of Joe Biden dropping his presidential reelection bid.
The industry-funded American Petroleum Institute will issue its estimate for weekly shifts in US inventories later on Tuesday, followed by a government breakdown the following day. Nationwide crude stockpiles have dropped for the past three weeks, hitting the lowest since February.
Crude remains higher year-to-date, helped by OPEC+ supply cutbacks and expectations for lower US interest rates, probably from September. Still, there are persistent concerns about the outlook for commercial oil demand in China, where economic growth has been slowing.
Brent for October settlement fell 0.2% to $82.27 a barrel at 8:29 a.m. in Singapore. WTI for September delivery shed 0.2% to $78.26 a barrel.
Source : Bloomberg
