Oil steadies as traders eye U.S.-China talks, inventory data - Reuters

Oil steadies as traders eye U.S.-China talks, inventory data - Reuters:

Oil prices steadied on Tuesday as bearish forecasts of a buildup in U.S. crude stockpiles offset signs of progress in U.S.-China trade talks. 

Brent crude oil LCOc1 was up 4 cents at $59.00 a barrel by 0840 GMT, while U.S. West Texas Intermediate crude CLc1 was down 9 cents at $53.22 per barrel.

“Oil prices are largely trending sideways on Tuesday morning, awaiting the upcoming U.S. oil inventory data,” UBS oil analyst Giovanni Staunovo said.

U.S. crude stockpiles are expected to have increased for a sixth straight week, while distillates and gasoline stocks likely fell in the week to Oct. 18, a Reuters poll showed.