Investing.com - Crude oil futures moved lower on Tuesday as investors began to turn their attention to the weekly government report on crude stockpiles, amid expectations for an inventory build.
On the New York Mercantile Exchange, crude oil futures for delivery in June were last down 0.42% to $103.22. The May contract was due to expire at the close of trade on Tuesday. The May contract ended the day up 0.1% to $104.37 a barrel on Monday.
Investors were looking ahead to Wednesday’s weekly Energy Information Administration report on U.S. crude stockpiles in order to gauge the demand outlook in the world's largest energy consumer.
Analysts were expecting the report to show an increase in oil inventories last week, while gasoline inventories were expected to have declined.
Last week the EIA reported that crude oil inventories rose by a larger than forecast 10.01 million barrels in the week ended April 11. It was the largest one-week increase in U.S. oil stockpiles in 13 years.
Industry group the American Petroleum Institute was scheduled to release its weekly supply data later Tuesday.
Expectations for gain in gain in U.S. stockpiles overshadowed ongoing concerns over heightened tension in eastern Ukraine.
A diplomatic accord aimed a de-escalating the crisis in the region showed signs of faltering on Monday, with the U.S. and Russia both blaming each other for not implementing the terms of the agreement reached in Geneva last Thursday.
The U.S. has drawn up plans for further economic sanctions against Russia if it fails to take concrete steps to implement the terms of the Geneva accord, fanning fears over possible supply disruptions.
Russia is the world’s second largest oil exporter after Saudi Arabia.
Meanwhile, Brent oil for June delivery was down 0.51% to $109.39 a barrel on the ICE Futures Exchange in London, while the spread between the Brent and U.S. crude contracts stood at $6.17.