Oil Prices Edge Forward Ahead of U.S. Inventory Data

Home Investment Oil Prices Edge Forward Ahead of U.S. Inventory Data
Oil Prices Edge Forward Ahead of U.S. Inventory Data

© Reuters.

Investing.com – Oil prices traded slightly higher on Tuesday ahead of incoming information on the state of U.S. crude stockpiles.

New York-traded gained 13 cents, or 0.2%, at $63.53 a barrel by 7:53 AM ET (11:53 GMT).

Meanwhile, , the benchmark for oil prices outside the U.S., edged forward 9 cents, or 0.1%, to $71.27.

The American Petroleum Institute will release its weekly data on at 4:30 PM ET (20:30 GMT) Tuesday in what may be a third straight weekly build.

The API data arrives a day ahead of and expectations for an increase of 2.29 million barrels.

Tuesdays pause put the brakes on a decline seen a day earlier on worries that Russia is reticent to extend the current production cut agreement with OPEC beyond June. TASS news agency cited Russian Finance Minister Anton Siluanov as saying that Moscow and the cartel may decide to boost production in order to recover market share from the U.S.

According to last weeks EIA report, U.S. crude production held at a record 12.2 million barrels per day, maintaining the lead in output above both Russia and Saudi Arabia.

In other energy trading, fell 0.4% to $2.0030 a gallon by 7:55 AM ET (11:55 GMT), while advanced 0.2% to $2.0659 a gallon.

Lastly, were unchanged at $2.590 per million British thermal unit.

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