Oil steadied after its longest run of weekly declines in three years, as traders weighed threats to economic activity in emerging markets against risks to supplies around the world. Futures in New York were little changed. Prices fell for a seventh week last week as the currency crisis in Turkey raised fears of contagion, further rattling investors already worried by the ongoing trade dispute between the U.S. and China. At the same time, crude was buoyed by North Sea strikes, stagnant U.S. drilling and continued concern that American sanctions will hurt Iranian sales. Click Read More below for additional information.
Crude oil futures were slightly lower Tuesday morning ahead of U.S. inventories data.
The American Petroleum Institute is out with its weekly stockpiles report this afternoon. The EIA’s official data follows tomorrow.
Crude oil for March was down 8 cents at $52.55 a barrel.