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Crude oil futures edge lower ahead of IEA report, U.S. supply data

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Investing.com - Crude oil futures were lower for the second consecutive day on Tuesday, as investors looked ahead to key U.S. weekly supply data to gauge the strength of oil demand from the world's largest consumer.

On the New York Mercantile Exchange, light sweet crude futures for delivery in July traded at USD95.34 a barrel during European morning trade, down 0.45% on the day.

New York-traded oil prices held in a range between USD95.27 a barrel, the daily low and a session high of USD95.90 a barrel.

Oil traders looked ahead to the release of fresh weekly information on U.S. stockpiles of crude and refined products to gauge the strength of oil demand in the world's largest oil consumer.

The American Petroleum Institute will release its inventories report later in the day, while Wednesday's government report could show crude stockpiles rose by 1.3 million barrels.

The U.S. is the world's biggest oil consuming country, responsible for almost 22% of global oil demand.

The International Energy Agency will also release its monthly report on global oil demand later in the session.

Meanwhile, speculation that the Federal Reserve will begin to taper its asset purchase program continued following last week's upbeat U.S. jobs data and after ratings agency Standard & Poor's revised its long-term outlook on the U.S. credit rating to stable from negative on Monday, citing an improving economic outlook.

Elsewhere, on the ICE Futures Exchange, Brent oil futures for August delivery declined 0.5% to trade at USD103.42 a barrel, with the spread between the Brent and crude contracts standing at USD8.08 a barrel.

The North Sea Buzzard oil field, which produces 200,000 barrels per day, returned to full production capacity on Monday, weighing on Brent prices.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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