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Brent holding above $50 before API stockpile data

Published 07/06/2016, 13:03
Updated 07/06/2016, 13:03

Investing.com - Oil futures were steady near seven-month highs on Tuesday, with Brent holding above the $50 level ahead of the latest U.S. crude inventory figures. Brent futures were up 25 cents, or 0.49%, at $50.80, while U.S. crude was up 22 cents at $49.91 at 0645 ET. Prices remained supported amid supply outages in Nigeria and amid expectations for declining U.S. crude stockpiles. American Petroleum Institute crude stockpile figures are due out later Tuesday and the U.S. Energy Information Administration is to release its weekly supply report on Wednesday. API inventories are projected to have fallen by 3.5 million barrels last week, marking a third straight weekly drop.

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