London/Singapore — Brent oil slipped to about $71 a barrel on Tuesday, pressured by the expectation of higher US inventories and concern about Russia's willingness to stick with Opec-led supply cuts. Analysts on average expect US crude stockpiles to have risen by 1.9-million barrels last week, the fourth straight increase. The first of this week's stockpile reports is due at 8.30am GMT from the American Petroleum Institute. "We have already seen these inventories going higher in the last week's print," said Naeem Aslam, chief market analyst at TF Global Markets in London. "The rising inventory data has raised many questions for investors — no one wants to see the oil glut again." Brent crude, the global benchmark, was down 12 US cents at $71.06 a barrel at 8.01am GMT. US West Texas Intermediate (WTI) crude gained 6c to $63.46. While Opec-led supply cuts have boosted Brent by more than 30% in 2019, gains have been limited by worries that slowing economic growth could weaken demand fo...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now