12.11.201909:09:00UTC+00Oil Holds Steady As Investors Await Clarity On Trade Talks

Oil prices held steady in cautious trade on Tuesday as investors awaited a speech by U.S. President Donald Trump at the Economic Club of New York later in the day for clues on the status of the Sino-U.S. trade talks.

Benchmark Brent crude edged up 0.1 percent to $62.22 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were down marginally at $57.84 a barrel.

Trump said on Saturday that talks with China were moving along "very nicely" but the United States would only make a deal if it was the right one for Washington.

He also described as "incorrect" reports about how much the U.S. was ready to roll back tariffs on China.

Meanwhile, higher Saudi Arabian crude output reinforced concerns about oversupply.

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, Reuters quoted a Saudi industry source as saying.