Futures for the West Texas Intermediate (WTI) crude was seen trading higher, trading near a three-day high as investors focus on the US stockpile data from the Energy Information Administration due later in the day.
The North American West Texas Intermediate (WTI) for October delivery traded 0.22% higher to $94.07 a barrel on the New York Mercantile Exchange at the time of writing. The crude rose 51 cents to %93.86, the highest since Aug 21.
Futures for the European benchmark Brent crude for October settlement added 0.05% to $102.56 a barrel on the ICE Futures Europe exchange based in London.
Crude Stockpiles
A crude stockpile report released by the American Petroleum Institute on Tuesday showed that oil supplies declined by 1.3 million barrels, while the US gasoline stockpile fell by 3.2 million last week.
Meanwhile, as the market expects a separate report from the Energy Information Administration, analyst are expecting to see a fall in crude oil inventories in the US by 1.8 million barrels to 360.7 million barrels, while US gasoline inventories may have dropped by 1.6 million barrels in the week ended August 22.
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Distillate supplies, including heating oil and diesel, are forecasted to remain at 121.5 million barrels.
Geopolitical Tensions
In Iraq, the Kurdish fighters are expected to gain support from Iran to help battle the Islamic State militants. On Tuesday, violence between the Shia and Sunni communities reoccurred after a car bomb explosion in Baghdad’s Shia district.
The ongoing crisis continues as the nation’s crude remains unaffected. The nation’s southern region and home to almost three-quarters of its crude output remains spared and under the control of the capital Baghdad’s central government.
On Tuesday, the Russian President Vladimir Putin and Petro Poroshenko met in Belarus, together with senior members of the European Union and representatives of the Russian-led Eurasian Economic Union. The meeting did not have a clear conclusion; however Putin said talks with the Ukrainian Head of State were positive.
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