NYMEX, Brent weaker in Asia as investors await U.S. supply figures

Investing.com - Investing.com - Crude priced dropped further in Asia on Tuesday as investors awaited more supply news from the key U.S. market and in thin dealing with markets in China shut for a week-long holiday.

On the New York Mercantile Exchange U.S. crude futures for November delivery eased 0.51% to $48.56 a barrel. On the ICE Futures Exchange in London, the November Brent contract fell 0.33% to $50.72 a barrel.

The American Petroleum Institute will releases its estimates of refined product and crude oil inventories at the end of last week later on Tuesday. The figures are followed Wednesday by more closely-watched official data from the U.S. Department of Energy.

Overnight, U.S. oil futures were hovering near three-month highs on Friday, as the production freeze announced last week by major oil producers continued to spur optimism.

Data also showed that the Chicago purchasing managers' index rose to 54.2 this month from 51.5 the previous month, exceeding expectations for an uptick to 52.0.

Despite initial skepticism, traders seemed globally optimistic after the Organization of the Petroleum Exporting Countries said last week that it would cut output to between 32.5 million barrels per day (bpd) and 33.0 million bpd from about 33.5 million bpd, with details to be finalized at its policy meeting in November.

It was the first such deal since 2008.