Oil prices rose on Tuesday after suffering at the start of the week on demand concerns. US President Donald Trump is expected to speak about trade later today when he addresses the New York Economic Club in a speech that traders hope will provide more information on progress with China. WASHINGTON (Reuters) - President Donald Trump has confirmed progress in negotiations with China and is nearing the signing of the first phase of a final trade deal, but said his administration had not agreed to abolish tariffs against Beijing.

On the supply side, Saudi Arabia raised its oil production in October to 10.3 million barrels per day, although it kept its supply to oil markets below OPEC's production target. Concerns over the impact of oil demand from the repercussions of the 16-month US-China trade war that affected global economic growth caused prices to fall on Monday.

In light of assessing the effects of the decision of "OPEC" and its next allies on production cuts at their meeting scheduled for early December. Morgan Stanley predicted that oil prices could fall by about 30% to $ 45 a barrel if OPEC and its allies do not announce further cuts in production, while both Citigroup and BNP Paribas see their fall to 50 levels. Dollars.

Elsewhere, US data showed that crude oil inventories in Cushing, the delivery point for WTI crude, fell by about 1.2 million barrels a week through November 8, traders said, citing market information firm Genscape. Cushing stocks grew for five weeks in a row until November 1, according to government data.

Oil Trading

• The Brent global benchmark for the January settlement rose 0.72% to $ 62.66 a barrel at 5:40 pm ET
• West Texas Intermediate crude futures for December rose 0.63% to $ 57.26 a barrel.