OLD BRIDGE, N.J. (DTN) -- Oil futures nearest to delivery traded on the New York Mercantile Exchange and Brent crude on the Intercontinental Exchange settled mixed ahead of weekly supply data expected to show a drop in crude inventories.
NYMEX July West Texas Intermediate and August ICE Brent crude futures settled higher, reversing earlier losses on a report from Bloomberg News that U.S. President Donald Trump is pressuring the Organization of Petroleum Exporting Countries to increase production by 1 million bpd. The report said Trump suggested the OPEC production increases in reaction to soaring U.S. gasoline and diesel prices in excess of $3 gallon, the highest levels in more than three years. Trump also hinted that he may access the Strategic Petroleum Reserve if OPEC fails to act.
The American Petroleum Institute is scheduled to release its weekly supply data at 4:30 PM ET, while the Energy Information Administration will release its data at 10:30 AM Wednesday.
Media reports indicate Tuesday's API weekly supply report could show a 2.5 to 3.0 million bbl draw in weekly crude oil inventories, as well as a build of 800,000 bbl for distillate stocks and a 400,000 bbl build in gasoline inventories.
At the 2:30 PM ET settlement, NYMEX July WTI futures settled 77cts higher to $65.52 bbl following three days of decline, while August WTI futures rose 78 cents to $65.46 bbl settlement.
ICE August Brent settled up 9 cents in spirited market on close trading to $75.38 bbl after two consecutive days of decline. The September Brent contract rose 3 cents to $75.13 bbl settlement.
On the products side, NYMEX July RBOB futures fell 1.62 cents to $2.1062 gallon settlement, its lowest settling price since May 8 and August RBOB futures declined 1.41 cents to settle at $2.0975 bbl, also its lowest closing price since May 8 in the seasonally backwardated market.
July ULSD settled down 1.09 cents at $2.1416 gallon, paring earlier losses, which saw the contract move as low as $2.1164 bbl. August USLD fell 1.02 cents to settle at $2.1456 gallon.
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