Investing.com - Oil prices struggled for direction in North American trade on Tuesday, flipping between small gains and losses as market players looked ahead to fresh weekly information on U.S. stockpiles of crude and refined products.
The American Petroleum Institute will release its inventories report later in the day, while Wednesday’s government report could show crude stockpiles fell by 2.3 million barrels.
Crude oil for September delivery on the New York Mercantile Exchange fell by as much as 0.8% to a session low of $45.56 a barrel. It last stood at $45.84 by 12:55GMT, or 8:55AM ET, down 10 cents, or 0.22%.
A day earlier, New York-traded oil futures lost 71 cents, or1.52%, amid signs of an ongoing recovery in U.S. drilling activity.
According to oilfield services provider Baker Hughes, the number of rigs drilling for oil in the U.S. increased by six last week to 357, the third straight weekly rise and the sixth increase in seven weeks.
The renewed gain in U.S. drilling activity fueled speculation that domestic production could be on the verge of rebounding in the weeks ahead, underlining worries over a supply glut.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for September delivery inched down 6 cents, or 0.13%, to $46.90 a barrel, after falling 65 cents, or 1.37%, on Monday, as market players dismissed worries of supply disruptions from the failed coup attempt in Turkey.