2019.11.2010:06:00UTC+00Crude Oil Futures Pare Early Losses

Crude oil prices recovered from early losses Wednesday morning, due largely to bargain hunting after two successive days of sharp losses.

Prices drifted lower earlier in the session amid fading hopes about a trade deal between the U.S. and China anytime soon, and on concerns over excess supply in the market and outlook for energy demand.

Meanwhile, traders await official weekly crude inventory data from U.S. Energy Information Administration (EIA), due at 10.30 AM ET.

West Texas Intermediate Crude oil futures for December are up $0.08, or 0.14%, at $55.29 a barrel, coming off a low of $54.76 a barrel.

On Tuesday, WTI crude oil futures ended down $1.84, or 3.2%, at $55.21 a barrel, after suffering a loss of 1.2% a session earlier.

According to a report from the American Petroleum Institute, crude inventories in the U.S. were up by 6 million barrels at 445.9 million barrels last week.

According to reports, Russia is unlikely to support any proposal by OPEC and allies to deepen output cuts. The OPEC members are scheduled to meet on December 5 and 6 in Vienna.