Oil drops ahead of stocks data, Iran talks | Reuters
Oil prices edged lower on Tuesday after rising earlier in the dayand analysts said prices were set to sustain a rally driven by strong demand in the United States, the world's biggest consumer of oil and its products.
Brent crude was down 5 cents at $85.94 a barrel by 0631 GMT, after gaining 0.5% on Monday. U.S. oil dropped 12 cents to $83.64 a barrel, having finished unchanged the previous session after testing new highs.
While China's red-hot power and coal markets have cooled somewhat after government intervention, energy prices remain elevated worldwide as temperatures fall with the onset of the northern winter. read more
"Forecasts for a colder November have energy traders bracing for a very tight market that will be met (with) unprecedented demand this winter," OANDA senior market analysts Edward Moya said in a note.
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