All eyes for signs of potential demand recovery are on data announcements due on Tuesday from the American Petroleum Institute, from the US government’s Energy Information Administration on Wednesday, and from the key 4 July holiday, when increased travel is expected.
A Reuters poll showed analysts expect U.S. crude oil stockpiles fell from record highs last week and gasoline inventories decreased for a third straight week.
The API will release its data predicting the situation later tonight before the EIA confirms this at 3.30pm UK time tomorrow.
Strong growth in the US pending home sales for May rose 44.3% month on month after two previous months of declines, bolstering hopes for global fuel demand. A Reuters analysis expects US crude oil stockpiles to fall from record highs last week.
On the supply side Libya’s National Oil Company signalled progress on talks to resume exports, potentially boosting supply, bringing to the market a fraction of Libya’s 1% of global oil supply. OPEC+ unwavering compliance and stronger than expected Chinese factory data prevented oil to slide further.