2019.02.1905:45:00UTC+00Oil Prices Mixed Ahead Of API Inventory Data

Oil prices were mixed on Tuesday as investors awaited inventory data due later in the day for direction.

Brent crude prices pulled back from 2019 highs on concerns that slowing economic growth in the U.S., China and Europe may dent fuel demand this year.

U.S. crude futures were moving higher on optimism surrounding OPEC-led production cuts and the U.S. sanctions against exporters Iran and Venezuela.

Global benchmark Brent crude dropped half a percent to $66.17 per barrel but remained near the 2019 high of $66.83 a barrel hit in the previous session.

U.S. West Texas Intermediate (WTI) crude futures were up 0.6 percent at $56.33 per barrel.

Bank of America Merrill Lynch said in a note that the trade dispute was hurting economic growth globally and addressing global trade tensions is key for improving the economic outlook.

The immediate focus now remains on the U.S. weekly crude supplies data due later in the day.