Investing.com - West Texas Intermediate prices edged higher on Tuesday, as investors awaited key U.S. weekly supply data to gauge the strength of oil demand from the world’s largest consumer.
On the New York Mercantile Exchange, crude oil for delivery in October tacked on 0.27%, or 26 cents, to trade at $93.61 a barrel during European morning hours.
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 American Petroleum Institute will release its inventories report later in the day, while Wednesday’s government report could show crude stockpiles rose by 1.8 million barrels in the week ended August 29.
Market players looked ahead to the release of key U.S. data later in the session for further indications on the strength of the economy and the possible future path of monetary policy.
The U.S. was to publish reports on July durable goods orders, as well as house price inflation and consumer confidence.
Data released Monday showed that new home sales dropped unexpectedly to hit a four-month low of 412,000 units last month.
Federal Reserve Chair Janet Yellen said at Jackson Hole on Friday that the U.S. economy is recovering and added the labor market is improving as well.
The U.S. dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, eased from the previous session's 11-month high.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for October delivery inched up 0.14%, or 14 cents, to trade at $102.79 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.