Oil Futures Settle Higher As Market Awaits Inventory Data, OPEC+ Meet

Crude oil futures settled higher on Tuesday despite paring some gains, with traders weighing demand and supply prospects and looking ahead to the meeting of the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+.

West Texas Intermediate Crude oil futures for September ended higher by $0.53 or about 0.6% at $94.42 a barrel, coming off the session's high of $96.47 a barrel.

Brent crude futures were up $0.41 or 0.41% at $100.44 a barrel a little while ago.

The OPEC+ meet is scheduled to take place on Wednesday. The group is widely expected to keep output level unchanged.

According to a Reuters report, the cartel has forecast for an oil market surplus of 200,000 barrels per day to 800,000 barrels per day this year.

Markets look ahead to weekly inventory reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). The API's data is due later in the day, while EIA is scheduled to release its inventory data Wednesday morning.

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