Brent crude oil prices dipped on Tuesday as Asia's economic weakness persisted, extending losses after a sharp fall in the previous session, while U.S. futures were firmer following a report that indicated a drawdown in weekly inventory levels.
Market intelligence firm Genscape estimated a drop of about 1.8 million barrels last week at the Cushing, Oklahoma delivery point for U.S. crude. The weekly report from the American Petroleum Institute is scheduled for release later in the day and that from the U.S. Energy Information Administration for Wednesday.
The internationally traded Brent contract was, however, pulled down by more gloomy news of stalling Asian growth.
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Market intelligence firm Genscape estimated a drop of about 1.8 million barrels last week at the Cushing, Oklahoma delivery point for U.S. crude. The weekly report from the American Petroleum Institute is scheduled for release later in the day and that from the U.S. Energy Information Administration for Wednesday.
The internationally traded Brent contract was, however, pulled down by more gloomy news of stalling Asian growth.
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