Nov 12 Reuters Oil prices were little changed on Tuesday, awaiting further price direction from OPEC39;s monthly report, while investor disappointment over China39;s latest stimulus plan and oversupply concerns limited gains.
Brent crude futures rose 38 cents, or 0.5, to 72.21 a barrel, by 0944 GMT. U.S. West Texas Intermediate crude futures were up 36 cents, or 0.5 at 68.40 a barrel.
In a flat price environment that is stalled, supply and demand become even more magnified and at present it would appear that oil market participants do not like what they see, said John Evans, analyst with oil broker PVM.
Both contracts had fallen by more than 5 over the previous two trading sessions.
Deflationary risks from China, as well as the lack of concrete fiscal stimulus measures from Chinese policymakers to spur demand, are weighing on sentiment, said Kelvin Wong, senior market analyst at OANDA.
On the supply side, it will be the 39;Trump Trade39; narrative that focuses on making the U.S. the major supplier of shale gas, as the current North Dakota Governor Doug Burgum, a prooil drilling advocate, is among the shortlisted candidates to be named as Energy Secretary under the incoming Trump administration, he said.
Beijing unveiled a 10trillionyuan 1.4trillion debt package on Friday to ease local government financing strains, as the country faces pressure from the reelection of Donald Trump as U.S. president, who has threatened more tariffs on Chinese goods.
But analysts…