Investing.com - Crude oil prices fell in Asia on Tuesday ahead of U.S. industry stocks data that may point to a bearish demand picture.
On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in September traded at $101.52 a barrel, down 0.15%, after hitting an overnight session low of $100.91 a barrel and a high of $102.09 a barrel.
Brent oil on ICE Futures Europe slid 0.8% to $107.57 a barrel.
Data due later Tuesday by the American Petroleum Institute on U.S. stocks of crude will be in focus as a possible guide to more widely watched Department of Energy data on Wednesday.
The Department of Energy data is expected to show a 1 million barel drop in U.S. crude oil stocks.
Investors reassessed geopolitical impacts on oil in the Middle East after Hamas and Israel agreed to a 24-hour humanitarian truce on Sunday.
U.S. President Barack Obama had called for a ceasefire between the two sides, but there was no indication of any comprehensive deal to end the fighting, which cushioned oil's losses.
Earlier Monday, an attack on a park in Gaza killed several children, with Israel and Hamas casting blame at each other, though concerns the fighting will embroil the Middle East and disrupt supply backed off on Monday.
Reports of rising gasoline stocks at the U.S. oil hub in Cushing, Oklahoma, as well as news that European refineries are cutting runs or even idling plants due to an influx of oil products from the U.S. sent investors selling oil futures on concerns global supply remains ample, especially considering that disruption fears in war-torn Iraq and elsewhere in the Middle East never panned out.
Soft U.S. economic indicators sent oil prices dipping as well.
The National Association of Realtors reported earlier that U.S. pending home sales fell 1.1% in June, disappointing expectations for a 0.5% gain.
"Activity is notably higher than earlier this year as prices have moderated and inventory levels have improved," NAR chief economist Lawrence Yun said in a statement.
"However, supply shortages still exist in parts of the country, wages are flat, and tight credit conditions are deterring a higher number of potential buyers from fully taking advantage of lower interest rates."