Crude oil mixed Tuesday ahead of US inventory estimates

EIA crude oil data released Oct. 11, 2018U.S. weekly crude oil stocks data released Oct. 11, 2018. Reference: This Week in Petroleum (Source: EIA)

Crude oil prices were quoted mixed ahead of the Asian open on Tuesday with upcoming weekly industry estimates of U.S. inventories setting the tone.

ICE Brent was last quoted up 0.41 percent to US$80.76 a barrel, while NYMEX West Texas Intermediate was down 0.21 percent to US$71.63 a barrel. Brent crude settled up 0.44 percent to US$80.78 a barrel, while WTI rose 0.62 percent to US$71.78 a barrel on Monday.

The American Petroleum Institute will release its estimates of crude and refined product inventories for last week at 4:30 pm U.S. EDT Tuesday.

The estimates are followed by official data from the U.S. Energy Information Administration at 10:30 am Wednesday U.S. EDT. The two data sets often diverge.

Initial estimates see a 1.067 million barrels build in crude stocks, according to Investing.com. For gasoline, analysts see a decline of 1.557 million barrels and a drop of 1.223 million barrels for distillates.

The API and the EIA data sets often diverge.