* Trump offers no fresh details on trade in NY speech
* Goldman cuts U.S. output growth forecast
* Oman says OPEC, allies likely to extend oil supply curbs
(Updates to settlement)
By Devika Krishna Kumar
NEW YORK, Nov 12 (Reuters) - Oil prices ended Tuesday little
changed after paring gains of about 1% following a speech from
U.S. President Donald Trump that offered few new details about
Washington's trade talks with Beijing.
Concerns about slower economic growth and oil demand due to
the fallout from the 16-month trade dispute between the world's
two biggest economies have weighed on crude futures.
Brent crude futures LCOc1 ended the session down 12 cents
at $62.06 a barrel after trading between $62.85 and $61.82. West
Texas Intermediate (WTI) crude futures CLc1 settled down 6
cents at $56.80 a barrel.
Prices pared earlier gains after Trump's remarks to a lunch
gathering of The Economic Club of New York included mixed
messages about U.S.-China trade talks and excluded specifics
about any progress in negotiations. Trump said U.S. and Chinese negotiators were "close" to a
"phase one" trade deal, but largely repeated well-worn rhetoric
about China's "cheating" on trade.
Earlier, prices received support from data that showed crude
inventories at Cushing, the delivery point for WTI, fell by
about 1.2 million barrels in the week to Nov. 8, traders said,
citing market intelligence firm Genscape.
Inventories at the hub were expected to draw down after a
more than 9,000-barrel leak forced the 590,000-barrel-per-day
Keystone crude pipeline to be shut in late October. The line has
since been restarted at reduced pressure. Cushing inventories had grown for five weeks in a row
through Nov. 1, according to government data.
However, crude stockpiles nationwide were forecast to have
risen last week for a third week in a row, a preliminary poll
ahead of government data due on Thursday showed. Weekly energy
data has been delayed a day due to the Veterans Holiday on
Monday. EIA/S
Brent has risen 16% in 2019, supported by a supply-limiting
pact by the Organization of the Petroleum Exporting Countries
(OPEC) and allies including Russia. The producers meet on Dec.
5-6 to decide whether to extend the deal.
Oman, one of the outside producers working with OPEC, said
on Monday that the alliance would probably extend the agreement
but was unlikely to increase the size of the supply cut.
In a further supportive supply-side development, Goldman
Sachs cut its 2020 forecast for growth in U.S. oil production,
which has surged in recent years and helped keep a lid on
prices.
"The market is stuck between a perception of 2020 oversupply
and strengthening physical markets for oil globally," said Scott
Shelton, a broker at ICAP in Durham.
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GRAPHIC: Cushing inventories https://tmsnrt.rs/2CykOs7
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