Oil prices eased on Tuesday as concerns over a crude and refined fuel glut outweighed an expected cut in U.S. shale production and a probable further draw in U.S. crude inventories, Reuters reported.
Crude prices fell more than 1% in the previous session after worries about potential supply disruptions stemming from an attempted coup in Turkey proved unfounded, Reuters writes.
”Prices are a bit softer in the Asian trading period – traders and investors are torn which way prices are going to break. It`s a knife edge between optimism and pessimism,” said Ben Le Brun, market analyst at Sydney`s OptionsExpress, according to the report.
The market is waiting for U.S. crude stocks data on Tuesday and Wednesday to help give direction to prices, he said.
Brent crude slipped 13 cents to $46.83 a barrel as of 0349 GMT after finishing the previous session down 65 cents, or 1.4%.
U.S. crude, known as West Texas Intermediate (WTI), fell 14 cents to $45.10 a barrel after settling 71 cents, or about 1.6%, lower in the previous session.
Fuel inventories in the United States, Europe and Asia are brimming despite this being the peak summer driving season, leading traders to store diesel on tankers at sea amid wilting demand growth. With landed oil product storage nearly full as well, there is little support for any sustained recovery in crude prices even as output tapers, according to Reuters.
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