Oil prices edge lower ahead of inventory data

TOKYO, Oct 29 (Reuters) - Oil prices edged lower in quiet
trade on Tuesday as concerns about slower economic growth
overshadowed signs of a thawing in the trade war between
Washington and Beijing, while investors awaited U.S. inventory
data.
Brent LCOc1 futures were down 3 cents at $61.54 a barrel
by 0137 GMT, having fallen 0.7% on Monday.
U.S. West Texas Intermediate (WTI) CLc1 crude was down 9
cents at $55.72, after falling 1.5% in the previous session.
Prices rose sharply last week amid a decline in U.S.
inventories and signs of an easing in the U.S.-China trade war,
but worries on Monday about weaker economic growth offset hopes
of a rise in oil demand even if trade talks progress.
"Investors are still giving more weight to weakening demand
growth over tightening supplies," ANZ said in a note.
Total U.S. crude inventories were forecast to have increased
by around 700,000 barrels last week, according to a Reuters poll
of analysts, having unexpectedly fallen the previous week.
EIA/S
U.S. crude oil stockpiles at Cushing, Oklahoma, the delivery
point for WTI, have risen by about 1.5 million barrels in the
week through Oct. 25, traders said, citing data from market
intelligence firm Genscape.
The American Petroleum Institute releases industry data
later on Tuesday, while the U.S. government's Energy Information
Administration releases inventory data on Wednesday. API/S
The United States Trade Representative is studying whether
to extend tariff suspensions on $34 billion of Chinese goods set
to expire on Dec. 28 this year, the agency said on Monday.
U.S. President Donald Trump said earlier on Monday he
expected to sign a significant part of the trade deal with China
ahead of schedule but did not elaborate on the timing.
Leaders of the world's two biggest economies are working to
agree on the text for a "Phase 1" trade agreement announced by
Trump on Oct. 11. Trump has said he hopes to sign the deal with
China's President Xi Jinping next month at a summit in Chile.
The trade war has hit economic growth around the world and
kept oil prices rangebound for months.