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Oil futures lower ahead of API data

Published 24/05/2016, 12:57
Updated 24/05/2016, 12:57


Investing.com - Oil futures remained under pressure on Tuesday ahead of the release later in the day of the latest weekly U.S. inventory data by the American Petroleum Institute.
U. S. crude futures for July delivery were down 19 cents, or 0.40% at $47.89 a barrel at 0645ET. Brent crude futures fell 0.54% to $48.09 a barrel

According to a survey by Reuters, U.S. crude stocks are expected to have fallen by 2.5 million barrels in the latest reporting week, providing some support for oil.
The dollar remained well supported in the wake of hawkish comments by Fedral reserve officials outlining the possible of two or three rate hikes by the Fed this year. A stronger dollar weakens demand for oil.

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