Crude oil prices eged lower Tuesday morning, trimming gains from the previous session.
Prices have been locked in a tight range near $45 for the past few weeks, with traders unsure about global demand.
With OPEC still pumping oil at a breakneck pace, there have been few catalysts to drive a sustained move higher in oil prices.
However, a top OPEC official sees prices on the rise in the near future.
There will be “less supply in the very near future. Less supply means high prices,” OPEC secretary-general Abdalla Salem el-Badri said overnight.
U.S. crude oil for Noveber was down 18 cents at $46.08 a barrel on the New York Mercantil Exchange Comex.
The material has been provided by InstaForex Company – www.instaforex.com