Oil eases-off monthly highs ahead of API inventory data

Oil prices on both sides of the Atlantic paused its rally and moved slightly-off fresh monthly highs, as focus now shifts towards the US weekly crude supplies report for next direction.

Oil hits highest since Oct on OPEC cut hopes

Currently, both crude benchmarks keep moderate gains, with Brent up +0.61% around $ 49.20 while WTI rises +0.64% to 48.55 levels. Oil prices take a breather from its rally and now defend mild gains, as investors turn cautious heading to the US crude stockpiles report due later in the NA session today.

On Monday, the black gold surged more-than 4% after technical talks on oil output cut deal kicked-off between the OPEC and non-OPEC producers, with markets pricing-in an output cut deal to be struck at Nov 30. Vienna meeting.

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