Investing.com - Crude oil futures turned lower during U.S. morning hours on Tuesday, re-approaching last week’s two-week low amid concerns over the global economic outlook and the impact on future oil demand prospects.
On the New York Mercantile Exchange, light sweet crude futures for delivery in May traded at USD92.96 a barrel during U.S. morning trade, down 0.45% on the day. Nymex oil prices fell to a two-week low of USD91.97 last Friday.
New York-traded oil prices rose by as much as 0.5% earlier in the session to hit a daily high of USD93.81 a barrel, the strongest level since April 4.
Earlier Tuesday, data showed that German exports and imports fell unexpectedly in February, down 1.5% and 3.8% respectively, adding to concerns over the outlook for the euro zone’s largest economy.
Market players also focused on the release of fresh weekly information on U.S. stockpiles of crude and refined products to gauge the strength of oil demand in the world’s largest oil consumer.
The American Petroleum Institute will release its inventories report later in the day, while Wednesday’s government report could show crude stockpiles rose by 1.6 million barrels.
Oil prices came under heavy selling pressure last week after the U.S. Energy Information Administration said crude supplies rose to the highest level since 1990, while oil production hit the highest level since 1992.
The U.S. is the world’s biggest oil consuming country, responsible for almost 22% of global oil demand.
Oil prices were higher during the Asian trading session after official data showed that consumer prices in China rose 2.1% in March from a year earlier, below expectations for a 2.5% increase and slowing sharply from a 3.2% rate of increase in February.
The slower-than-expected rise in inflation was likely to reduce pressure on policy makers in Beijing to tighten monetary policy as the country recovers from a slowdown.
China is the world's second largest oil consumer after the U.S. and has been the engine of strengthening demand.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for May delivery fell 0.15% to trade at USD104.52 a barrel, with the spread between the Brent and crude contracts standing at USD11.56 a barrel, the lowest gap since June.
The spread between the two contracts continued to trade near a nine-month low, due to an improving production outlook in the North Sea and amid growing concerns over the euro zone’s economic outlook.
On the New York Mercantile Exchange, light sweet crude futures for delivery in May traded at USD92.96 a barrel during U.S. morning trade, down 0.45% on the day. Nymex oil prices fell to a two-week low of USD91.97 last Friday.
New York-traded oil prices rose by as much as 0.5% earlier in the session to hit a daily high of USD93.81 a barrel, the strongest level since April 4.
Earlier Tuesday, data showed that German exports and imports fell unexpectedly in February, down 1.5% and 3.8% respectively, adding to concerns over the outlook for the euro zone’s largest economy.
Market players also focused on the release of fresh weekly information on U.S. stockpiles of crude and refined products to gauge the strength of oil demand in the world’s largest oil consumer.
The American Petroleum Institute will release its inventories report later in the day, while Wednesday’s government report could show crude stockpiles rose by 1.6 million barrels.
Oil prices came under heavy selling pressure last week after the U.S. Energy Information Administration said crude supplies rose to the highest level since 1990, while oil production hit the highest level since 1992.
The U.S. is the world’s biggest oil consuming country, responsible for almost 22% of global oil demand.
Oil prices were higher during the Asian trading session after official data showed that consumer prices in China rose 2.1% in March from a year earlier, below expectations for a 2.5% increase and slowing sharply from a 3.2% rate of increase in February.
The slower-than-expected rise in inflation was likely to reduce pressure on policy makers in Beijing to tighten monetary policy as the country recovers from a slowdown.
China is the world's second largest oil consumer after the U.S. and has been the engine of strengthening demand.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for May delivery fell 0.15% to trade at USD104.52 a barrel, with the spread between the Brent and crude contracts standing at USD11.56 a barrel, the lowest gap since June.
The spread between the two contracts continued to trade near a nine-month low, due to an improving production outlook in the North Sea and amid growing concerns over the euro zone’s economic outlook.