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Oil Futures Settle Higher Ahead Of Inventory Data

Crude oil futures settled higher on Tuesday, with traders making cautious moves, weighing crude demand and supply prospects ahead of weekly inventory data.

The American Petroleum Institute is scheduled to release its weekly oil report later today, while the U.S. Energy Information Administration's crude inventory data is due Wednesday morning.

West Texas Intermediate Crude oil futures for August ended up $0.17, or 0.3%, at $57.83 a barrel, recovering from a low of $57.29 a barrel.

On Monday, WTI crude oil futures for August ended up $0.15, or about 0.3%, at $57.66 a barrel.

A slowing global economy due to the effects of the ongoing trade war is expected to result in a decline in demand for energy.

Traders were also weighing the likely impact of geopolitical conflicts and the decision of OPEC and allies to extend output cuts until March 2020 on crude supply and demand.

Geopolitical concerns increased after Iran reportedly breached a uranium enrichment cap set by a troubled 2015 nuclear deal, a year after Washington pulled out of the landmark accord between world powers and Tehran.

U.S. President Donald Trump warned Tehran that "Iran better be careful."

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