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Oil Futures End Slightly Higher Ahead Of Inventory Data

Crude oil futures ended slightly higher on Tuesday, with traders looking ahead to the weekly inventory data and reacting to recent report from the International Energy Agency.

The American Petroleum Institute is scheduled to release its weekly oil report later in the day, while the Energy Information Administration will release its report on U.S. crude inventories for the week ended March 8 on Wednesday morning.

West Texas Intermediate Crude oil futures for April ended up $0.08, or 0.1%, at $56.87 a barrel.

On Monday, crude oil futures for April ended up $0.72, or 1.3%, at $56.79 a barrel.

With Saudi Arabia saying it would extend deep supply cuts and Venezuela threatening to cut off oil exports, global supply is likely to remain a bit tight in the near term.

Venezuela's opposition-run congress on Monday declared a "state of alarm" to pave the way for the delivery of international aid after the crisis in the country took a rapid and catastrophic turn.

Meanwhile, the International Energy Agency said in a report on Monday that there is no peak in oil demand, thanks to strong growth of petrochemicals and jet fuel in the U.S. and Asia.

The U.S. will drive global oil supply growth over the next five years, adding another 4 million barrels per day (bpd) to the country's already booming output, the IEA said.

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