Oil Steady as Market Awaits Inventory Data, China Trade Deal - Bloomberg

Oil Steady as Market Awaits Inventory Data, China Trade Deal - Bloomberg:

Oil closed little changed as traders awaited updates on the U.S.-China trade front and a report on American crude stockpiles.

Futures switched between gains and losses in New York on Tuesday, settling less than 1 percent lower. Investors are waiting for the next catalyst from U.S.-China trade talks or shifts in the Venezuelan regime, according to Thomas Finlon, director of Energy Analytics Group Ltd in Wellington, Florida. Meanwhile, analysts anticipate a gain in U.S. crude stockpiles in this week’s inventory report.

“There’s a lot of forces sort of canceling each other out here,” said Finlon. “We’re just in a holding pattern.”