2019.11.1909:52:00UTC+00Oil Futures Extend Recent Losses

Crude oil prices are drifting lower Tuesday morning, extending losses from previous session, as traders continue to weigh crude supply and demand levels ahead of the weekly inventory data.

Uncertainty over a potential interim trade deal between the U.S. and China following the Trump administration's reluctance to roll back tariffs on Chinese goods has raised concerns about energy demand outlook once again.

Although OPEC and its allies are set to meet in December to consider extending output cuts beyond March 2020 and consider deepening the cuts, the recent report from Energy Information Administration saying U.S. shale output is expected to climb by 49,000 barrels a day in December is weighing on crude oil prices for now.

West Texas Intermediate crude oil futures for December are declining $0.55, or 0.96%, at $56.50 a barrel.

On Monday, WTI Crude oil futures for December ended down $0.67, or about 1.2%, at $57.05 a barrel.

Brent crude oil futures are down $0.50, or 0.74%, at $61.94 a barrel.

Traders are also digesting news about protesters blocking a commodities port in Iraq on Tuesday to demonstrate against a rise in petrol prices.

The American Petroleum Institute is scheduled to release its weekly oil report later in the day.

The Energy Information Administration will release the weekly inventory data Wednesday morning.