Crude oil higher in early Asia trading ahead of API estimates

Petrol station in Singapore in the Geylang neighborhood; taken August 2018.

Crude oil prices were up slightly ahead of Asian trade on Tuesday with weekly industry estimates of U.S. inventories in focus.

ICE Brent crude was quoted up 0.57 percent to US$76.25 a barrel, while NYMEX West Texas Intermediate was up 0.17 percent to US$68.99 a barrel. Overnight, Brent crude oil futures settled up 0.51 percent to US$76.21, WTI gained 0.22 percent to US$68.87 a barrel.

The American Petroleum Institute (API) will release its estimates of crude oil and refined product stocks at 4:30 p.m. US EDT. Crude oil stocks are seen down by 522,000 barrels, gasoline inventories are seen up by 398,000 barrels and distillate supplies are expected to post a 1.35 million barrels gain.

On Wednesday, the Energy Information Administration will release official weekly data at 10:30 a.m. US EDT.

OPEC and allies reportedly cut output in July by 9 percent more than was called for in their pact to trim 1.8 million barrels per day (bpd) from the market, according to Reuters, down from a compliance level of 120 percent in June and 147 percent in May. The moves signal steadily higher production likely led by Saudi Arabia and Russia.

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