NYMEX crude prices flat in Asia ahead of China Q3 GDP, U.S. stocks data

Investing.com - Crude oil prices were flat in Asia on Tuesday as investors awaited key data from China adn looked ehad to industry data on U.S. petroleum stocks.

On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in December traded at $81.91 a barrel, down 0.01%, after hitting an overnight session low of $80.81 a barrel and a high of $82.73 a barrel.

At 0200 GMT, China is expected to release third quarter GDP data, with a gain of 7.3% forecast year-on-year, as well as industrial output for September, seen up 7.5% on year, and September retail sales, expected to have gained 11.8%.

Later in the day, the American Petroleum Institute will release its latest weekly figures on stocks in the U.S., which will be followed on Wednesday with more closely watched figures from the U.S. Department of Energy.

Overnight, crude prices edged lower in choppy trading due to ongoing concerns that the world is awash in crude at a time when demand remains soft.

Oil prices fell due to ongoing concerns that global supply far outstrips demand, with OPEC members Saudi Arabia, Kuwait and Iran recently hinting at the need to get used to current prices and leave output quotas on unchanged.

The oil cartel will hold its next biannual meeting in Vienna on Nov. 27.

Elsewhere, Germany’s Bundesbank reported that the country’s economy barely grew in the third quarter, as industrial output slowed and business sentiment deteriorated, which pressured prices lower on concerns a more sluggish European economy will consume less fuel and energy going forward.

In its monthly report the German central bank said that while the euro zone’s largest economy was unlikely to enter a recession the economic outlook for the fourth quarter was cautious.

Separately, on the ICE Futures Exchange in London Monday, Brent oil futures for December delivery ended the day down 0.9% at $85.40 a barrel.