Oil Higher Ahead of Key Data, Iran Talks Not a Surprise

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United States Oil (NYSE: USO) is moving higher in early trading on Tuesday as crude oil inventories in the U.S. are forecast to have fallen by 1 million barrels last week, according to a Reuters poll. Traders are keying off the poll data and taking positions ahead of reports. API will release its report later today and the key energy department report will be out Wednesday.

In Moscow, talks with Iran haven't resulted in a breakthrough. Iran continues to complain about sanctions but so far is unwilling to take steps to end its nuclear program. For now, as long as tensions remain at current levels, traders are more concerned with weakening global growth. Oil prices, which have collapsed recently, risk declining further as economic data throughout the world continues to show slowing growth.

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