Crude oil futures were flat Tuesday morning after a significant rally during the previous few session.
Oil prices have surged to the highest in two years, powered by signs the global supply glut will end in the next year.
OPEC is moving toward a deal to extend their supply quota plan with Russia through 2018. Reports say Nigeria is on board with the deal if certain conditions are met.
Meanwhile, political upheaval in Saudi Arabia may disrupt supplies from that region. The Crown Prince over the weekend purged his rivals, as numerous prominent officials and one of the world’s richest investors were arrested.
WTI light sweet crude oil was down 4 cents at $57.31 a barrel this morning, ahead of U.S. oil inventories data.
The material has been provided by InstaForex Company – www.instaforex.com