Crude prices were seen trading lower on Tuesday, dropping from its five-month high as investors wait for government report for hints over the US crude stockpiles. The American Petroleum Institute is expected to report later in the day, while further data will be released by the Energy Information Administration (EIA) on Wednesday.
The West Texas Intermediate advanced to $103.45 a barrel on Monday, the highest level since October 10, after dropping to $102.38 per barrel on the New York Mercantile Exchange on Tuesday.
Brent for April settlement lost 0.2% to $110.41 per barrel on the ICE Future Europe exchange. The European benchmark crude was at a premium of $8.08 to WTI.
US Crude Supplies
US distillate inventories, including heating oil and diesel are expected to show a drop by 1.5 million barrels in the last week; which would be a seventh weekly decline, according to analysts, the Energy Information Administration (EIA) is expected to release reports on Wednesday.
Meanwhile US stockpiles at Cushing, Oklahoma, declined by 1.73 million barrels to 35.9 million in the week ending February 14, EIA reported last week.
Crude – Libya
In Libya, crude productions came in at 231,000 barrels a day, which still remains below the maximum capacity of over a million barrels a day, Mohamed Elharari, a spokesman for National Oil Corp confirmed. The country’s second-largest oil field, Sharara Field has been closed since February 20.
Temperature across the US Northeast has dropped below average this period of the year as temperature in the Midwest is predicted to fall below zero Fahrenheit this week.
The cold weather will spread across the Midwest until March 5, said Matt Rogers, the president of Commodity Weather Group.
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