Russian Federation still undecided on OPEC oil deal extension: Saudi

Russian Federation still undecided on OPEC oil deal extension: Saudi

Russian Federation says it might support an extension in OPEC-led supply cuts.

Traders said crude oil futures on Tuesday were pushed up by a broader lift in financial markets after Beijing eased financing rules to stem an economic downturn.

"The market has seen pressure over the last couple of weeks due to the significant rise in crude and product inventories here in the US that has pressured prices as the market now awaits the outcome of the upcoming OPEC and non-OPEC producers' meeting", said Andrew Lipow of Lipow Oil Associates in Houston.

Hedge funds have continued to run away from oil as prices tumbled into a bear market, cutting bets on West Texas Intermediate crude to the lowest level in 12 weeks, according to data released Friday.

Stock markets rose on Monday after a deal between the United States and Mexico to combat illegal migration from Central America late last week removed the threat of US tariffs on goods imported from Mexico.

Oil prices fell more than 1% on Monday as U.S.

Novak also commented Monday on potential cooperation with Saudi Arabia over Sibur, saying the Russian company may build a plant in the Gulf kingdom.

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Brent crude, the global benchmark, rose $0.01 to $62.30 a barrel at 0849 GMT.

But analysts said there were still concerns about the health of the global economy, with the United States and China locked in a trade war.

Supporting oil prices on Tuesday was optimism that the Organization of the Petroleum Exporting Countries and other producers such as Russian Federation would extend an output cut deal that has been in place since the beginning of the year to prop up prices. The OPEC and non-OPEC members are due to decide about the extension of a crude oil output cut.

While the talk of prolonged supply restraint is supporting prices, concern about slowing demand and economic growth has had a bigger impact on sentiment.

Energy consultancy FGE said global crude oil demand growth could drop below 1 million barrels per day (bpd) in 2019, down from previous expectations of 1.3 to 1.4 million bpd.

Market participants await industry data on US crude stockpiles, due out at 4:30 p.m. EDT (2030 GMT), that is expected to show inventories fell 500,000 barrels last week from almost two-year highs. The American Petroleum Institute (API), an industry group, would issue its report at 2030 GMT.

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