Crude oil heads weaker in Asia ahead of Tuesday‘s API estimates

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

Crude oil prices were weaker into the Asian morning on Tuesday ahead of weekly US industry estimates of oil and refined product inventories.

ICE Brent was quoted down 0.98 percent to US$76.86 a barrel. NYMEX West Texas Intermediate dipped 0.52 percent to US$66.69 a barrel. Brent settled down 0.36 percent to US$77.34 a barrel on Monday, while WTI dropped 0.81 percent to US$67.04 a barrel.

U.S. crude inventories likely rose for a sixth straight week by about 3.7 million barrels in the week ended Oct. 26, according to Investing.com.

The American Petroleum Institute is scheduled to release its estimates of crude oil and refined product stocks at 4:30 p.m. U.S. EDT on Tuesday, and the Energy Information Administration report is due at 10:30 a.m. U.S. EDT on Wednesday.

Analysts forecast that stockpiles of gasoline fell 2.3 million barrels last week and distillates eased 1.8 million barrels.