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Crude Oil Stuck In Range Near $53 Ahead Of Inventories

Crude oil futures were lower for a second session Tuesday morning, as geolitical tensions and weak US economic data have raised demand concerns.

Markets are also edgy after U.K. Prime Minister Theresa May announced plans for an early general election on June 8. The fate of the Brexit plan may hang in the balance.

WTI light sweet crude oil was down 37 cents at $52.28 a barrel, further trimming recent gains.

The American Petroleum Institute will release its weekly crude oil inventory report this afternoon. The API data will be followed by the EIA's (U.S. Energy Information Administration) weekly inventory report tomorrow morning.

US crude oil inventories are expected to have fallen by 1.5 MMbbls from April 7-14, 2017.

"With a continuation of the OPEC and non-OPEC producer deal in the second half of 2017 and the expected associated inventory draw-down, we expect oil prices to move above $60 a barrel by the second half of the year," Citigroup said today.

by RTT Staff Writer

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