Crude oil heads higher on Tuesday in Asia on API estimates

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

Crude oil prices are set to head higher in Asia on Tuesday with industry estimates of weekly inventories ahead later in the day.

ICE Brent crude oil was last quoted up 0.25 percent to US$79.98 a barrel, while NYMEX West Texas Intermediate gained 0.23 percent to US$69.52 a barrel. Brent settled up 0.06 percent to US$79.83 a barrel on Monday, while WTI gained 0.07 percent to US$69.17 a barrel.

The American Petroleum Institute releases its weekly estimates of crude oil and refined product stocks at 1630 US EDT.

Crude oil stocks are seen up by 3.550 million barrels, while gasoline supplies are seen down 1.797 million barrels and distillates down by 2.375 million barrels. The Energy Information Administration releases official figures at 1030 US EDT on Wednesday. The two data sets often diverge.

Overnight, Saudi Arabian Minister of Energy Khalid Al-Falih said he could not guarantee whether oil prices in 2019 will surpass $100 per barrel as part of a wide-ranging interview with Russian news agency TASS.