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Crude settles higher in U.S. as API ahead

Investing.com -

Investing.com - Crude settled higher in the U.S. on Tuesday with estimates of U.S. crude and refined product stocks due from the American Petroleum Institute (API).

Oil settled weaker in the U.S. on Monday after a forecast by the government showed an expected higher production level from U.S. shale drillers in response to higher prices.

On the Intercontinental Exchange in London, Brent for April delivery rose 0.68% to settle at $55.97 a barrel. On the New York Mercantile Exchange, crude oil for delivery in March gained 0.51% to $53.20.

The API will report its figures for inventories at the end of last week later on Tuesday, while official data from the U.S. Energy Information Administration (EIA) is due on Wednesday. A poll of analyst sees crude oil inventories up 3.175 million barrels, while distillates and gasoline supplies are each seen down by 1.15 million barrels.

Last week, crude oil inventories in the U.S. jumped by 13.8 million barrels, the EIA said, a surprise above the expected 2.8 million barrels gain. Also last week, API reported a 14.23 million barrels build in crude stocks.

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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.

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