Crude oil dipped in Asia Today ahead of industry estimates of U.S. stockpiles later in the day.
Short covering in oil began last week after Saudi and Qatar greed with non-OPEC member Russia to freeze output at January’s highs. The bullish momentum gathered pace again on Monday after the IEA report predicted further drop in the US shale output.
The drop seen in Asia was without a fundamental catalyst. Oil traders would watch out for American Petroleum Institute (API) data due for release in the US session.