Oil records gains ahead of US inventory data and negotiations between Russia and Saudi Arabia

Oil gains declined as traders waited for weekly US inventory data and any sign of whether Saudi Arabia and Russia would take steps to avoid a global surplus.

Futures contracts fell 0.2% in New York after increasing 1.9%. Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman will meet at the Group of 20 summit in Argentina and will eventually discuss oil markets before OPEC and its allies examine production policy next week at Vienna. US government data will likely indicate that crude stocks rose 1 million barrels last week, according to a Bloomberg survey, while a sector report indicated that they had risen 3.45 million.

"A significant reduction in the production of OPEC and its non-OPEC allied producers at their meeting next week in Vienna will therefore be necessary to rebalance the oil market year-round. next and avoid that stocks increase, "Carsten said. Fritsch, badyst at Commerzbank AG in Frankfurt.

Previously: the gypsy sprocket as supply prospects darkened and business problems multiplied

Crude oil tumbled about 20% this month as the United States, Saudi Arabia and Russia raised concerns over supply oversupply as trade tensions between Canada and China darkened. prospects for energy demand.

West Texas Intermediate for January was down 9 cents to 51.47 dollars a barrel on the New York Mercantile Exchange at 11:20 in London. The contract fell 7 cents to $ 51.56 on Tuesday. The 14-day relative strength index of the US benchmark remains in oversold territory. The total volume traded was 26% above the 100-day average.

Brent for the January settlement slid 32 cents to 59.89 dollars a barrel on the London stock exchange ICE Futures Europe. The contract fell 27 cents to $ 60.21 on Tuesday. The global benchmark has traded at a premium of $ 8.43 compared to WTI.

DISCOVERY: Mexico: a triple estimate of the greatest land discovery in 25 years

Saudi Arabia and Nigeria are hopeful that the Organization of the Petroleum Exporting Countries and its partners will manage to stabilize prices, Energy Ministers Khalid Al-Falih and Emmanuel Ibe told the meeting. Kachikwu, Abuja. They did not explain the earlier proposal that the coalition should reduce supply by at least 1 million barrels a day.

– With the help of Heesu Lee.

© 2018 Bloomberg L.P.