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Oil prices under pressure
West Texas Intermediate futures for December delivery edged up to $46.26 (+0.26%), while Brent crude is currently at $48.83 (+0.08%). Nevertheless weaker manufacturing activity in China, the world's second-biggest consumer of crude, suggests weaker demand. Thus fundamentals remain bearish. "Crude continues to remain under pressure due to emerging supply-side news and slowing Chinese demand. Russian oil output broke a post-Soviet record in October for the fourth time this year. News from Iran is also painting a negative picture," ANZ bank said.
Industry group the American Petroleum Institute will publish its data on U.S. crude stockpiles later today, while more accurate data by the Energy Information Administration will be released on Wednesday.
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