Investing.com

Investing.com - Crude oil prices were higher in early Asian trade on Tuesday ahead of industry data on U.S. crude stocks and an upcoming OPEC meeting.



The American Petroleum Institute is due to report its latest figure for the past week, while in the previous week, it said crude oil stocks fell 1.4 million barrels.



On Wednesday, the U.S. Department of Energy releases its more closely watched data, with a drawdown of 1.5 million barrels expected.



Ahead of the Organization of Petroleum Exporting Countries'' meeting in Vienna on Wednesday, market watchers questioned whether members of the oil-producers'' cartel would increase production to meet expected higher demand later this year.



OPEC produces one of every three barrels of oil consumed daily in the world. The cartel has maintained its current production ceiling of 30 million barrels a day since 2011 and is expected to leave the ceiling unchanged.



However, analysts expect demand for OPEC''s oil to be higher in the second half of this year, with the International Energy Agency predicting it will average 30.7 million barrels a day.



Saudi Arabia expects to increase its output, an oil official with the Kingdom said in Vienna on Monday.



On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in July traded at $104.50 a barrel, up 0.08%, after hitting an overnight session low of $102.63 a barrel and a high of $104.41 a barrel.



Brent oil on the ICE futures exchange rose 1.3% to $109.99 a barrel.





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