Investing.com - U.S. oil futures edged higher on Tuesday, as investors looked ahead to weekly supply data out of the U.S. to gauge the strength of oil demand from the world’s largest consumer.
On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in May held in a range between $99.26 a barrel and $99.93 a barrel.
Nymex oil last traded at $99.80 a barrel during European morning hours, up 0.2%, or 20 cents.
The May contract picked up 0.14%, or 14 cents, on Monday to settle at $99.60 a barrel. Futures were likely to find support at $98.25 a barrel, the low from March 21 and resistance at $100.29 a barrel, the high from March 24.
The American Petroleum Institute will release its inventories report later in the day, while Wednesday’s government report could show crude stockpiles rose by 2.5 million barrels in the week ended March 21.
The data was also expected to show that distillate stockpiles, including heating oil and diesel, decreased by 1.1 million barrels, while gasoline stockpiles were forecast to drop by 1.7 million barrels.
Investors also looked ahead to key U.S. economic data later in the day for further indications on the strength of the economy and the future course of monetary policy.
The U.S. is to release report on house price inflation and consumer confidence, as well as official data on new home sales later Tuesday.
Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for May delivery eased up 0.09%, or 10 cents, to trade at $106.90 a barrel, while the spread between the Brent and U.S. crude contracts stood at $7.10 a barrel.
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