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MTECHTIPS:-Crude oil edges lower as investors book profits after rally

MTECHTIPS:-Crude oil edges lower as investors book profits after rally

Crude oil prices slipped lower on Tuesday as investors sold out positions to lock in profits following a rally on Monday after reports that Russia is prepared to meet other major oil producers to discuss recent falls in prices. On the New York Mercantile Exchange, crude oil for delivery in November was down 0.3% to $46.12, off Monday’s highs of $46.94. On the ICE Futures Exchange in London, the November Brent contract edged up 0.19% to $49.35 a barrel. Crude futures were boosted on Monday after Russia said it was prepared to meet with both OPEC and non-OPEC members to discuss measure to counter the decline global oil prices. In September, Russian oil production surged to a post-Soviet Union record high near 10.75 million barrels per day, even as crude price hovered near six and a half year lows. In recent months, though, Russia has shown an unwillingness to slash crude output even if it could help bolster global oil prices. Investors were looking ahead to data on crude inventories later in the week. The American Petroleum Institute will release its estimates of U.S. crude and refined product stocks late Tuesday and the report was to be followed by the more closely-watched storage data from the U.S. Department of Energy on Wednesday.

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