Crude oil futures settled lower on Tuesday amid concerns about growth after data showed a slowdwon in Eurozone manufacturing activity amid rising input costs due to supply chain bottlenecks and logistical problems.
However, oil’s downside was limited after a Reuters survey suggested that the increase in OPEC’s oil output in October was short of the rise planned under a deal with allies.
West Texas Intermediate Crude oil futures for December settled at $83.91 a barrel, losing $0.14 or about 0.2%.
Brent crude futures were down $0.18 or 0.2% at $84.53 a little while ago.
The OPEC and its allies, collectively known as OPEC+ will meet on Thursday to decide on output levels. The alliance is expected to stick to the gradual, monthly production increases of 400,000 barrels per day.
Traders looked ahead to the weekly oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). The API’s report is due later today, while EIA will release its inventory data Wednesday morning.
Analysts expect an increase of 1.6 million barrels in crude stockpiles in the U.S. in the week ended October 29th.