2019.11.1219:16:00UTC+00Oil Futures End Marginally Down

Crude oil futures settled slightly weak on Tuesday, ahead of weekly inventory data.

Worries about the outlook for energy demand and rising crude inventory levels in the U.S. continued to weigh on the commodity.

West Texas Intermediate crude oil futures for December ended down $0.06 at $56.80 a barrel.

Brent crude futures ended down $0.08 at $62.10 a barrel.

On Monday, WTI crude oil futures for December ended down $0.38, or 0.7%, at $56.86 a barrel.

Oil's decline was due to the uncertainty about U.S.-China trade negotiations.

Speaking at the Economic Club of New York today, U.S. President Donald Trump said a trade deal with China "could happen soon" although he did not provide details on the state of trade talks between the two countries.

He however said that he would only accept an agreement that is good for U.S. companies and workers and added that he will "substantially" raise tariffs on China if a deal between the two countries is not reached.

Traders also noted a Reuters report that Saudi Arabia raised its oil output in October to 10.3 million barrels per day but kept its supply to the oil markets below its OPEC output target.

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

The Energy Information Administration (EIA) will come out with its crude inventory data Wednesday morning.