Investing.com - West Texas Intermediate oil futures rose to the highest levels of the session on Tuesday, after data showed that U.S. durable goods orders rose significantly more than expected in July.
On the New York Mercantile Exchange, crude oil for delivery in October tacked on 0.29%, or 28 cents, to trade at $93.63 a barrel during U.S. morning hours. Prices traded in a narrow range between $93.34 and $93.86.
A day earlier, oil prices slumped 0.32%, or 30 cents, to end at $93.53 a barrel. New York-traded oil prices fell to a seven-month low of $92.50 on August 21.
The U.S. Commerce Department said that total durable goods orders, which include transportation items, surged by 22.6% last month, blowing past expectations for an increase of 7.5%.
However, core durable goods orders, excluding volatile transportation items, eased down by 0.8% in July, missing forecasts for a 0.5% gain. The data painted a mixed picture of the U.S. economy.
Investors now looked ahead to key U.S. weekly supply data due later in the day to gauge the strength of oil demand from the world’s largest consumer.
The American Petroleum Institute will release its inventories report later Tuesday, while Wednesday’s government report could show crude stockpiles rose by 1.8 million barrels in the week ended August 29.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for October delivery inched up 0.02%, or 2 cents, to trade at $102.67 a barrel, as market players awaited updates from a meeting between Russian President Vladimir Putin and Ukrainian counterpart Petro Poroshenko later in the day.
On Monday, Ukraine said an armored column including 10 tanks entered from Russia as the government in Moscow unveiled plans to send a second convoy with humanitarian aid.
London-traded Brent prices hit a 14-month low of $101.07 on August 19, as global supplies were seen as ample despite ongoing violence in Ukraine and the Middle East.