Oil rebound rally cools; OPEC cuts, Fed minutes in focus.
Oil prices fell slightly in Asian trade on Tuesday after rebounding sharply over the past three sessions, as anticipation of more Federal Reserve cues and speculation over production cuts by major suppliers kept sentiment muted.
Crude prices had surged a cumulative $5 a barrel in the past three sessions after tumbling to four month lows in the prior week. Pressure on prices came chiefly from a string of weak economic readings from across the globe, which raised concerns over slowing demand.
But the losses in oil prices drove speculation that the Organization of Petroleum Exporting Countries will trim production further when it meets on November 26. Media reports also suggested that certain members of the producer group- specifically Russia and Saudi Arabia- were considering extending their current supply curbs into 2024.