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Crude Oil Futures Settle Flat Ahead Of Inventory Data

Crude oil futures ended little changed on Tuesday after swinging between gains and losses, as traders made cautious moves ahead of weekly inventory data.

A lack of clear picture about the next move of OPEC and its allies with regard to production cuts too rendered the mood cautious.

Oil prices did move higher early on in the session on hopes OPEC and its allies will keep production cuts in place for a longer period.

However, traders appeared to be waiting for a clear picture to emerge. The OPEC is scheduled to meet in Vienna on June 25.

Meanwhile, expectations that the Chinese government will step up stimulus to lift the slowing economy helped lift oil prices a bit.

West Texas Intermediate Crude oil futures for July ended up $53.27 a barrel, up a penny from Monday's close of $53.26.

According to data, crude oil production in the U.S. in May climbed to a record 12.4 million barrels. The current projection for the year is for more than 13 million barrels per day and for the next year, production is forecast to exceed 14 million barrels per day.

The trend indicates that U.S. is set to claim the top position in production.

Markets now await the weekly reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA).

The API's weekly oil report is due later today, while the EIA is scheduled to release its inventory data Wednesday morning.

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