Oil declines ahead of API stockpile data as OPEC prepares to meet
Oil prices edged lower in North American trading on Tuesday, as investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products.
Industry group the American Petroleum Institute is due to release its weekly report at 4:30PM ET (20:30GMT) later on Tuesday.
Official data from the Energy Information Administration will be released Wednesday, amid forecasts for an oil-stock drop of around 2.7 million barrels.
The U.S. West Texas Intermediate crude July contract shed 5 cents, or around 0.1%, to $51.08 a barrel by 8:30AM ET (12:30GMT). The U.S. benchmark settled higher for the fourth straight session on Monday after hitting its strongest since April 19 at $51.43.
Elsewhere, Brent oil for July delivery on the ICE Futures Exchange in London dipped 7 cents to $53.81 a barrel, after climbing to its highest since April 19 at $54.37 in the prior session.
Oil’s gains on Monday came amid growing expectations that OPEC members will extend supply cuts for a prolonged period when they meet later this week.