Oil stable with the market awaiting a trade agreement between US and China

UNITED STATES (VOP TODAY NEWS) — Oil prices remained almost flat on Tuesday as the market fluctuated on expectations that the United States and China would reach a trade deal this month as traders awaited US crude inventories.

Investors are also evaluating OPEC-led efforts to cut crude supplies as production resumes from Libya’s biggest oilfield and prospects for weak Chinese demand.

London Brent crude <LCOc1> was up 19 cents at $ 65.86 a barrel, while WTI fell 3 cents to $ 56.56 a barrel.

Supply cuts have helped OPEC and its allies support crude prices. Russia said on Monday it planned to accelerate production cuts this month.

However, the resumption of the production of the Libyan spark field has dispelled some of the impact of the cut in production. The field, with a production capacity of 315,000 bpd, has been closed since December.

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