Brent Crude trades at $73.3 per barrel

Brent crude futures were little changed at $73.3 a barrel on Tuesday, remaining close to levels not seen in 4 weeks and after surging almost 1% in the previous session.

About 1.72 million barrels of output remain suspended in the US Gulf of Mexico, according to the Bureau of Safety and Environmental Enforcement but producers are expected to gradually resume service.

Meanwhile, worries over fuel demand increased after fresh official PMIs pointed to a slowdown in the Chinese economy. Also, traders await an OPEC+ meeting tomorrow to discuss output. The cartel is seen going ahead with plans to add another 400,000 bpd of supply each month through December.

Brent Crude oil is a major benchmark price for purchases of oil worldwide. While Brent Crude oil is sourced from the North Sea, the oil production coming from Europe, Africa and the Middle East flowing West tends to be priced relative to this oil.

Source: Trading Economics