SINGAPORE (Reuters) – Oil prices rebounded in early Asian trade on Tuesday after production at the world’s largest oil producers fell in the third quarter, although demand concerns continued to keep a keep a lid on prices.
December Brent crude futures LCOc2 rose 44 cents, or 0.7% to $59.69 a barrel by 0202 GMT, while U.S. West Texas Intermediate crude CLc1 was up 39 cents, or 0.7%, at $54.46 a barrel.
Front-month prices for both contracts posted their largest quarterly falls this year on Monday, hurt by a slowdown in global economic growth amid the U.S.-China trade war.
“Asia has seen some profit-taking from short-term money and other bargain hunters,” Jeffrey Halley, a senior market analyst for Asia Pacific at OANDA in Singapore, said.
“Any rallies though are likely to be met with plenty of sellers as a slowing global economy and the recovery of Saudi production outweigh any Middle East risk factors for now.”
Oil prices are likely to remain steady, with Brent averaging…
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